Mexico City — Mexican national oil company Pemex reported on Thursday its second-quarter net profit jumped more than nine-fold to $6.53 billion due in part to higher sales plus tax benefits.
Revenue for the company, formally known as Petroleos Mexicanos, soared nearly 89% to 655.2 billion pesos.
Meanwhile, debt during the three-month period ending in June held steady at $108.1 billion.
President Andres Manuel Lopez Obrador has pumped billions of dollars in financial support for the company to fulfill his pledge of growing domestic production of motor fuels by refining more of Pemex’s crude oil production at home during his six-year term, which ends in 2024.
The company noted in its second-quarter report, however, that it did not receive any help from the government to cover debt payments during the period.
Reporting by Noe Torres, Adriana Barrera and Valentine Hilaire; Editing by David Alire Garcia and Christian Plumb – Reuters
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