The refinery of Deer Parkunder the complete administration of Petróleos Mexicanos (PEMEX) from the beginning of 2022, recorded an unprecedented operational and financial performance in the last 16 years, following data provided by the Mexican oil company.
“Since PEMEX took control of Deer Park at the beginning of 2022, its results have been solid and we have observed net positive returns for 954 million dollars in the last year and 711 million dollars in the third quarter of 2023, which contrast with the predictions observed in the previous three years,” mentioned Carlos Cortez, director of finances of the state.
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At the cierre of the third quarter of 2023Deer Park reported results that had not been seen since 2007Thus marking a significant achievement, also, first after its acquisition by part of PEMEX, the refinery will attempt a new operation, according to the standards proposed by the company in the state.
Carlos Cortez noted that the change of direction implemented by PEMEX at the Texas refinery has resulted in higher operational levels, with an increase in the utilization and availability of the plants, as well as a reduction in the indexes of the plants not scheduled after 2022.
The favorable market situation on the North American coast of the Gulf of Mexico has contributed to the solid generation of EBITDA, which rose to 306 million dollars at the end of the past year and 895 million registered as of the third quarter of 2023.
In addition to the positive financial impact, the incorporation of Deer Park is fundamental for PEMEX to reverse the decreasing trend in the raw processing, with an increase in 75% In the last five years, the Texas refinery now takes in 24% of the total crude oil processed.
Carlos Cortez I noticed that this rumble change also allowed us to stabilize and increase production, with Deer Park desempeñating an essential paper to provide a significant volume of fuels for transport.
It is important to point out that the contribution of the Texas refinery is vital to PEMEX because one of the goals is to improve the shipping of the products fuels that are processed in United States As they travel to Mexico, they are evaluating different alternatives to increase production as well as transportation by ducts or railcars.