Mexico City—Mexico’s state oil company Pemex posted a first-quarter net profit of $2.6 billion—a sharp contrast to the $1.6 million profit booked in the same period of last year and to the net losses seen in five of the previous seven quarters—on higher oil prices and exchange rate gains. In a filing to the Mexican stock market on May 2, Pemex said total first-quarter sales of crude, gas and products came to $31.8 billion. Of this, domestic sales totaled $15.8 billion, up 13.5% year on year. Exports earned $16 billion, a 19.7% increase.
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