Mexico’s Pemex sharply reduces losses as oil prices rise

28 Feb 2017   Mexico

Mexican state-owned oil company Pemex on Monday reported a much smaller fourth-quarter loss, due in large part to higher crude prices. The loss narrowed to $1.58 billion (32.6 billion pesos) from $9.8 billion a year earlier. “Pemex’s finances are today stable with positive trends; however, we believe there is certainly room for improvement,” Chief Financial Officer Juan Pablo Newman said on a conference call with analysts. Revenue at the company officially known as Petroleos Mexicanos rose more than 20 percent to $15.67 billion, according to a filing to the Mexican stock exchange. The price of Mexico’s crude oil export mix jumped by 22 percent during the quarter to average nearly $41 per barrel. Still, Pemex has not posted a quarterly profit since 2012. Long used as a cash cow for […]

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