Mexico's Pemex Narrows Loss

by David Alire Garcia
Friday, July 26, 2019

Mexican state oil company Pemex reported a narrower loss of 52.7 billion pesos ($2.7 billion) in the second quarter on Friday, as the heavily indebted firm faces the prospect of a fresh downgrade from credit rating agencies critical of its direction.

The loss was nearly 70% lower than what the company, formally known as Petroleos Mexicanos, reported in the second quarter last year, when it lost 163.2 billion pesos.

During the April to June period, the company's crude production dipped from the same quarter last year, and ratings agency Fitch downgraded Pemex debt to speculative, or so-called junk status.

Under President Andres Manuel Lopez Obrador, the fully state-owned company is making significant investments in its troubled refining business as well as taking a pass on new partnerships with foreign and private oil firms to boost output.

Pemex reported second-quarter sales of 376.6 billion pesos, down by about 14% from last year. 

(Reuters, Reporting by David Alire Garcia; Editing by Julia Love and Steve Orlofsky)

Categories: Offshore Energy Shale Oil & Gas

Related Stories

Indonesia Picks Winners for Six Oil and Gas Blocks, Puts Eight More on Offer

PTTEP Gets Thai Approval for Offshore Stake Transfer to Valeura Energy

Valeura Finds New Oil Near Manora Field in Gulf of Thailand

TPAO Eyes Karabakh Offshore Expansion with SOCAR

Petronas Awards Estuary Cluster PSC to Harvester Energy

Petronas Turns to AI to Accelerate Upstream Investment

Iran Outlines Terms for Restoring Hormuz Shipping

Seatrium Nears Dual FPSO Sailaway for Petrobras' Búzios Field

China's CNOOC Posts Record First-Half Profit

Viridien Progresses Hybrid Multi-Client Survey Offshore Malaysia

Current News

Oil Goes Down 2% as Saudi Supply Concerns Recede

Indonesia Picks Winners for Six Oil and Gas Blocks, Puts Eight More on Offer

PTTEP Gets Thai Approval for Offshore Stake Transfer to Valeura Energy

Valeura Finds New Oil Near Manora Field in Gulf of Thailand

MODEC, Eld Energy Advance Fuel Cell Power for FPSOs

Santos Expands LNG Portfolio with Asia, Canada Deals

Petronas, PTTEP Get Approvals for New Gas Block Sharing Contract

TPAO Eyes Karabakh Offshore Expansion with SOCAR

XRG, ADNOC and SEFE Deepen Gas Ties in Europe

Saudi Oil Lifeline Shut After Attack as Red Sea Threat Grows

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com