Pemex's fourth-quarter loss is $9.1 billion

According to a filing on Thursday with Mexico's principal stock exchange, the state-owned oil company Pemex posted a 190.5-billion-peso (about $9.1 billion) net loss for the fourth quarter, after posting profit during the same period last year.

Revenues for the government-run oil firm during the period of October to December totaled 436.6 bn pesos. This is an increase of almost 3% when compared with the fourth quarter of 2023.

Pemex reported earnings of 14.6 billion pesos for the fourth quarter before interest, tax, depreciation, and amortization. This metric is used to measure operating performance.

Pemex, one of Mexico's biggest companies, has seen its crude production fall to historical lows over the years as older offshore oil fields, especially in the southern Gulf of Mexico have reached the end of their useful life.

According to the filing, during the fourth quarter the company produced 1,67 million barrels of crude oil and condensate with its partners.

Pemex’s debt in the last three months of the year 2024 reached $97,6 billion. This is despite the fact that the government under President Claudia Sheinbaum, and its predecessor, have shown unwavering support to the heavily indebted firm.

(source: Reuters)