Pemex Swings to Profit on Higher Oil Prices and Strong Peso

Pemex, Mexico's state-owned oil company, rebounded from a significant loss in Q1 to record net income of 18 billion Mexican pesos (about US$1.04 billion) in Q2.

The recovery was largely driven by higher oil prices and a positive foreign exchange rate due to the peso's appreciation against the U.S. dollar.

Pemex's oil production remained stable at 1.65 million barrels per day (bpd), while crude refining declined quarter-on-quarter, despite increasing from the same period last year.