Pemex Profit Increases

Mexican state-owned oil monopoly Pemex posted a $455 million net profit for the first quarter, compared to a $91 million loss a year earlier. Sales rose 14% to $17.7 billion. However, Pemex’s total output of crude oil and other liquid fuels stood at 3.74 million barrels per day in the quarter, a 2% decrease, while crude output fell slightly to 3.31 million barrels per day.