Mexico's state oil company Pemex posted another quarter of major losses on ...
MEXICO CITY - Mexico’s state oil company Pemex posted another quarter of major losses on Friday, weighed down by falling output and lower crude prices, as the heavily indebted firm faces the prospect of a fresh downgrade from credit agencies critical of its direction.
Pemex’s second quarter loss of 52.7 billion pesos was nearly 70% lower than the losses it chalked up during the same period last year, a drop it said was driven by a reduction in costs. The price of Pemex’s crude export mix dipped about 3% during the quarter to average about $60.30 per barrel, compared to roughly $62.10 during year-ago period.
Total financial debt, however, fell nearly 4% during the quarter to total $104.4 billion, the company said, while financing costs slid by nearly half due in part to the Mexican peso’s strengthening relative to the U.S. dollar. Crude output is expected to grow to some 1.72 million bpd by the end of 2019, Ulises Hernandez, a senior executive with Pemex’s exploration and production arm, told analysts on a Friday conference call after the results were released.
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