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

Inpex’s Ichthys LNG Strike Persists as Fair Work Hearing Gets Postponed

Oil Falls More Than 2% as US-Iran Tensions Ease

TGS Books 3D Streamer Seismic Job in Africa and Middle East region

Hormuz Reopening Could Trigger OPEC’s Next Big Challenge

Oil Prices Slide as Israel-Iran Suspend Strikes

Petronas Signs Offshore Oil Recovery Collaboration Deal

SBM Offshore to Sell 45% Stake in Mexico-Bound FSO to NYK

Conrad Secures Drilling Rig for Mako Gas Field off Indonesia

Indonesia Targets Higher Oil and Gas Output in 2027

Oil Prices Edge Lower Amid Uncertainty Over US-Iran Deal

Current News

JERA Takes Delivery of First LNG Cargo from Australia's Barossa Gas Project

Inpex’s Ichthys LNG Strike Persists as Fair Work Hearing Gets Postponed

Oil Falls More Than 2% as US-Iran Tensions Ease

TGS Books 3D Streamer Seismic Job in Africa and Middle East region

Hormuz Reopening Could Trigger OPEC’s Next Big Challenge

EnQuest to Buy Malaysia Offshore Interests in $833M Deal

Oil Holds Steady as Markets Assess Renewed US-Iran Hostilities

ADNOC Looks to Canada for Upstream and LNG Growth Through XRG

Petronas Signs 20-Year LNG Supply Deal with Japan's JERA

Oil Prices Slide as Israel-Iran Suspend Strikes

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