Mexican national oil company Pemex on Wednesday reported a first quarter net profit of 87.9 billion pesos ($4.7 billion), the firm’s first quarterly profit since 2012, on higher sales as crude prices rose despite lower output.
During the year earlier period, Pemex posted a loss of 62 billion pesos.
Revenue at the company officially known as Petroleos Mexicanos was up 55 percent to 349 billion pesos, according to a filing with the Mexican stock exchange.
First-quarter crude production stood at 2.018 million barrels per day (bpd), down 9.5 percent from average output of 2.23 million bpd during the January-March period last year.
Pemex hit peak crude production in 2004 with 3.4 million barrels per day (bpd), but since then the limping Mexican oil giant has seen output drop by more than 1.3 million bpd.