Details here. I would like to see more on profitability, but I suppose I can go look at the damn filings myself.
The basic problem is that the refineries are not optimized to produce higher grade fuels. That is fixable, but fixing it costs money, and money is not what Pemex has right now.
It makes the hubbub about oil imports from the U.S. a little ironic, since those imports were intended to help optimize refinery output.
The real question is whether a deep-pocketed buyer would find the refining business attractive. Pemex refining is earning a positive refining margin. The “refining margin” is less useful than it sounds. It is difference between total revenue from refined product sales and total costs of all crude oil, divided by the number of number of barrels of product sold. It ignores interest, transport and administrative costs. Add in those, and Pemex refining is losing money. (Page 20.)
But still, one imagines that a buyer could be found. The business seems far from terminal. I would like to know what Merlin and Dwight think.