Mexico’s Pemex reports 2008 loss of $8.1 billion

Mexico’s state oil monopoly says it lost 109 billion pesos in 2008, $8.1 billion at the year’s average exchange rate, as output and prices fell while taxes and exchange-rate losses climbed.

Petroleos Mexicanos, or Pemex, says sales rose 17 percent to 1.33 billion pesos as oil hit $147 a barrel in July, before plunging 70 percent by Dec. 31.

The company said this weekend that pretax operating income rose to 662 billion pesos but was outstripped by taxes, which rose 14 percent to 772 billion pesos.
IHT