Mexican state oil company Petroleos Mexicanos said Monday that export growth and higher crude prices boosted first-quarter sales.
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In a filing posted on Pemex's Web site, the company said it exported an average of 1.86 million barrels a day during the January-March quarter, or 2 percent more than a year earlier.
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The exports fetched an average of US$34.12 (€26.50) per barrel, up from US$26.77 per barrel in the first quarter of 2004.
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Pemex's total sales during the quarter reached US$17.5 billion (€13.6 billion,) up 14 percent on the year. The company posted a 16 percent rise in pre-tax quarterly profit, which came in at US$10.8 billion (€8.4 billion.)
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Pemex hands over around three-fifth's of its revenue to the federal government for taxes and royalties.
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After taxes, the company said it squeezed out a quarterly profit of US$500 million (€388.7 million.) After tax gains are rare at Pemex.
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Pemex's total hydrocarbon production, though, dropped 2 percent on the year to 3.75 million barrels per day. Crude output fell by 66,000 barrels daily to 3.32 million barrels a day.
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Pemex blamed the drop in crude production on weather conditions, declines in output at its Abkatun-Pol-Chuc complex and infrastructure work at its Ku-Maloob-Zaap complex, which required some wells to be closed.
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Natural gas output, meanwhile, rose 2 percent to 4.64 billion cubic feet a day.
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SOURCE: EIU/ INFO-e