A Review of the Nigerian Energy Industry

Pemex in $3.87bn loss

wti-crude-oil29 July 2013, News Wires – Pemex has run up yet another large quarterly loss as the Mexican state-owned oil giant saw its revenues shrink further.

The Mexico City-based behemoth posted a net loss of 49 billion pesos ($3.87 billion) in the three months to the end of June, Reuters reported.

This followed on from a loss of 25.9 billion pesos in the comparable period a year earlier where a drop in production and rise in exploration costs did damage.

In this year’s second quarter Pemex posted revenues of 393.2 billion pesos, down from the year-ago sum of 406.1 billion pesos.

The quarterly red sum also comes on the back of a 4.39 billion pesos loss in the first period this year as Pemex suffered largely from a drop in oil prices. Revenues in the quarter were 396.2 billion, affected by fewer exports as domestic demand increased as well as a stronger home currency against the US dollar.

– Upstream

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