Mexico's Pemex reports a larger third-quarter Loss of $8.2 billion

According to a filing at the Mexican stock exchange on Tuesday, the state-owned Mexican oil company Pemex posted a larger 161.3 billion peso (approximately $8.2 billion) net loss for the third quarter, compared with losses of approximately $4.5 billion during the same period last year.

The country's largest company generated revenues of 426.1 billion pesos between July and September.

The company reported that its debts for the last three months totaled $97.3 Billion.

Claudia Sheinbaum, the new president, took office at beginning of this month. She has pledged to continue supporting Pemex as her predecessor did.

Pemex revealed in its filing that it received 145 billions pesos of state assistance during the third quarter.

Some close to Sheinbaum suggest that she may be more open to a form of

Pemex Partnerships

Private oil companies are attempting to increase production despite massive debt.

The new president said that she would aim for what she described as a sustainable output of oil of 1.8 millions barrels per daily (bpd).

The company's crude oil production has been steadily declining over the past two decades, from a high of 3.4 millions bpd in the early 1990s, and recently, it has reached new lows, at less than 1.5 million bpd.

(source: Reuters)