XOM - Pemex looks to double refinery throughput take business from Gulf Coast refiners

The National oil company of Mexico, Pemex, is exporting ~1mb/d of crude oil, with ~60% flowing to the US and gulf-coast refineries, but the current CEO wants to change that. At a press conference in Mexico City yesterday, CEO Octavio Romero shared plans to cut exports to ~430kb/d in 2022 and eliminate them entirely by 2023, as Pemex refineries ramp up to consume the domestic crude. The Dos Bocas refinery, a 340kb/d plant currently under construction, will be fully operational in 2023 and account for ~1/3 of increased domestic crude consumption. The Pemex downstream system processed ~1.2mb/d from 2010-2014 before utilization dropped to as low as 690kb/d in 2020. Currently processing ~800kb/d, the Pemex system could increase runs ~400kb/d by simply returning existing refineries to historic utilization rates. Cutting exports by the full 1mb/d appears to be a challenge, as running the legacy system at rates not seen in half a

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Pemex looks to double refinery throughput, take business from Gulf Coast refiners