Mexico's Pemex posts $1.9 bln loss as output falls

MEXICO CITY (Reuters) – Mexico’s state oil company Pemex posted a net loss of 27 billion pesos ($1.9 billion) in the first quarter, hurt by lower production and oil prices and a rise in its debt costs as the peso declined.

Pemex had a net profit of 3.3 billion pesos in the same quarter a year ago. The company made the announcement in a filling with the Mexican stock market.

Mexican oil production fell 7.8 percent in the first quarter to 2.667 million barrels per day as the yields at the giant Cantarell field declined faster than Pemex could add production capacity elsewhere.

Pemex said its oil export basket averaged $38.90 a barrel during the quarter, far below the $83.60 a barrel it earned last year. Falling exports and the lower price cut revenues to 226.4 billion pesos ($16 billion) from 321.5 billion pesos a year earlier.

Reuters