Mexico’s Pemex oil company reports Q2 loss of $5.2 bn
Mexico’s state-owned oil company, Pemex, has reported a corporate loss of USD 5.2 billion in the second quarter of the current year, mainly as a result of plummeting oil prices.
In a statement on Tuesday, the company said prices of Mexican crude are 44 percent lower than corresponding figures for the same period a year ago, AFP reported.
Pemex had also reported a loss of USD 6.5 billion in the first quarter of 2015.
The new losses – which amount to 84.6 billion pesos in Mexican currency – are much higher than the figure reported for the second quarter of 2014, which stood at 52.3 billion pesos.
Pemex is Mexico's largest company and its performance has a great impact on overall state revenues.
However, as a result of slumping oil prices, the company has been reporting hefty losses since 2013.
In a revenue report released on Tuesday, Pemex said the price of Mexican oil basket used for export has fallen from USD 97.09 per barrel in the second quarter of 2014 to the current figure of USD 53.95 a barrel.
Pemex tried to reduce its expenditure by 11.5 percent last year through such measures as suspending costly projects, including a deepwater exploration project.
In 2014, Mexican President Enrique Pena Nieto introduced constitutional reform in a bid to open up the Mexican oil sector to foreign investment.
On July 15, Mexico held an auction for deepwater offshore oil blocks in the Gulf of Mexico. However, falling oil prices had already dampened demand and only two out of 14 blocks offered for auction could attract bids large enough for sealing final deals.
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