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Petroperú Ends First Quarter of 2025 with Losses of US$ 111 Million, Impacted by Global Oil Price Drop and Internal Issues in the Peruvian Market
Petroperú, the state-owned oil company of Peru, ended the first quarter of 2025 with an accumulated loss of US$ 111 million. The figure was disclosed by its president, Alejandro Narváez, during a press conference. He stated that the scenario was directly affected by the drop in oil prices, which impacted the entire global sector.
Petroperú: Unstable Monthly Results
According to Narváez, the company’s results varied throughout the quarter. In January, the loss was US$ 24 million, although with a positive EBITDA of US$ 9 million.
In February, there was a small profit of US$ 17 million. However, March represented a significant setback. “March hit us hard. All oil companies were affected,” said the president. He emphasized that he reviewed reports from other companies in the sector and that the negative trend is widespread.
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Structural Problems in the Domestic Market
The president of Petroperú also pointed out internal problems that contribute to the losses. He explained that the gap between production and demand is a central factor.
While the average demand for fuel in Peru is 286,000 barrels per day, local production reaches 186,000 barrels daily. “This difference is significant and represents a loss of foreign exchange. This affects the country’s economy and also the companies in the sector,” he stated.
Attempts at Recovery and Criticism of Past Management
Narváez highlighted that the company is working to overcome the crisis. He stated that, despite the current negative result, there are signs of recovery.
“The trend is to get out of the hole. There is a light at the end of the tunnel, but you will understand that we don’t perform miracles,” he declared.
The president also held previous administrations responsible, recalling that in 2024 the loss was US$ 749 million, although the initial projection was US$ 1.03 billion. “We reached November and managed to reduce this gap by nearly US$ 200 million,” he explained.
Petroperú is Self-Financed, Says President
At the end of the press conference, Narváez emphasized that Petroperú is not supported by public funds. “We have not received a single sol from the national budget,” he stated. He considered the claims that the state-owned company would be a “bottomless pit” or a burden for the State to be false.
With information from Expreso.
