The Deer Park refinery, located in Texas, experienced a financial loss of 118 million dollars last year, marking its first negative numbers since Petróleos Mexicanos (Pemex) acquired 100 percent of its shares in 2022. In 2022, Pemex purchased the 50.005 percent stake that the British oil company Shell held in this refinery.
During that year, Deer Park generated earnings of 954 million dollars, while in 2023, these rose to 581 million. Martha Agiss, CFO of PMI Comercio Internacional, explained that the reduction in refining margins in the market on the northern Gulf Coast was significant in the second half of last year. Despite these challenges, the refinery managed to maintain a neutral cash balance for its operations.
In a conference call with investors, Martha Agiss indicated that the negative result for 2024 reflects the accounting impact of strategically accelerated amortized decisions. However, she emphasized that Deer Park managed to remain debt-free for the third consecutive year, thanks to discipline in capital use and spending control.
Regarding operations, the refinery processed 272,000 barrels per day of crude oil last year, representing a 5 percent annual increase. The production of gasoline, diesel, and jet fuel was 256,000 barrels per day, showing a 7.1 percent increase compared to the previous year.
On the other hand, industrial safety and environmental protection are critical issues for Deer Park, as the incidence rate of disabling accidents and lost days significantly increased last year. In October 2024, the refinery suffered an acid gas leak that resulted in the death of two workers and more than a dozen hospitalized.
"Safety results experienced a setback, so we have focused our efforts on this aspect during the last quarter of 2024, and we will continue to do so this year," added Martha Agiss.