Mexico energy ministry unhappy with Pemex results

MEXICO CITY (Reuters) – Mexico’s energy minister said on Friday she is concerned about state-run oil company Pemex’s poor financial results and the company’s board is reviewing possible actions to halt the decline.

The minister’s comments about Pemex, led by Chief Executive Officer Jesus Reyes Heroles, come as President Felipe Calderon is promising a shake-up in his administration.

“Unfortunately, the financial situation has not improved as it should be improving and we are analyzing what are the things we can do to reverse the situation,” Energy Minster Georgina Kessel said in an interview with broadcaster Televisa.

Pemex, which is state-owned but finances much of its spending on debt markets, posted a 93 percent drop in second-quarter net profit as revenues slid 30 percent due to lower crude prices and export volumes.

Reuters