Refinery in Deer Pak bought by the Government of Andrés Manuel López Obrador (AMLO) reported total revenue of 210 thousand 963 million pesos at the end of September 2022.
According to Petróleos Mexicanos (Pemex), this allowed him to obtain net profit of 20 thousand 580 million dollars, Therefore, according to the company director Octavio Romero Oropeza, it turned out to be a “magnificent job”.
“Well, it turned out to be a magnificent deal, we had a net result of 746 million dollars, that is, we returned the 596 that we paid to Shell, we have more than 150 million additional dollars left,” said Romero Oropeza on October 24 in his speech before the representatives.
Of the total revenue recorded by the Deer Park refinery, located in Houston, Texas, 189 thousand 158 million pesos were generated from sales to external customers, while the accumulated gross yield amounts to 861 million dollars, which allowed us to achieve Ebitda (earnings before interest, taxes, depreciation and amortization) of 1,037 million dollars.
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Octavio Romero, head of Pemex. Photo: Special.
Pemex’s performance has been higher than average over the past five years. The last time the branch reported a profit was in the third quarter of 2018, when according to the strategy of the previous federal administration the amount of crude oil processed in refineries was reduced in order to avoid generated losses due to the poor condition of the complex.
But now the reported utility is the result of something else: oil refineries are experiencing one of their best moments and state-owned Pemex was no exception.
AMLO’s government paid $1.192 million for the Deer Park complex, of which $596 million was for the refinery assets, which is equivalent to a 50% share of the Dutch Shell, to which another $596 million was added to pay off existing debt. These funds are covered by the National Infrastructure Fund (Fonadin).
According to Romero Oropeza, profit in the first half of this year is 746 million dollars, but it is predicted to be twice as large at the end of the year.
“For regulatory reasons, I cannot reveal how much profit we have in these months after June, but These are very remarkable results and it is very likely that we will get closer to the end of this year more than double what we pay for Deer Park,” he said in his appearance in the House of Representatives.
The head of Pemex reminded that since January 21, when Pemex started 100 percent operation of Deer Park, crude oil processing in the refinery was of the order of 282,000 barrels per daywhich allows production of 253,000 barrels per day between gasoline, diesel and jet fuel.
“We have achieved, already managed by Pemex, operating performance above the average of the last 5 years, It went really well for us,” he emphasized.
With the launch of Deer Park and the processing of six existing refineries, the production of barrels increased significantly, because in 2018 production was 359,000 barrels per day of gasoline, diesel and jet fuel, but between January and September 2022, it increased to 699,000 barrels of fuel per day.
These 699,000 barrels were distributed in 446,000 from SNR (National Refining System) and 253 thousand, Deer Park Refinery.
According to the Pemex report, fuel production reached 300,000 barrels per day between January and Septembermost of which, i.e. 126 thousand barrels per day of gasoline, 103 thousand barrels per day of diesel, 25 thousand jet fuel, five thousand fuel oil, as well as more than 340 thousand tons of petrochemical products.
The parastatal company indicated this in the press release crude oil production was reduced by 50 percent in 2013, but since the arrival of AMLO in the Presidency of the Republic.
“We believe the main benefit is in improving process capacity in our facilities. The dynamics of the crude oil production process presented a declining profile between 2013 and 2013. since the capacity was reduced by 50% on average, since this administration that trend has been reversed and the rehabilitation plan has already reached the process of 807 thousand barrels, which represents an increase of 32% compared to 2018, if you consider the contribution of Deer the park, that process already amounts to 1 million 89 thousand barrels per day, 78% more than in 2018. they said from the state company.