International

Pemex posts US$4bn Q2 loss

Mexico's state-owned oil firm Pemex has posted a 53bn-peso (US$4.09bn) second-quarter loss, almost 7% wider than the year-ago period.

BNamericas
28/07/2014 20:19
Visualizações: 1618 (0) (0) (0) (0)

Mexico's state-owned oil firm Pemex has posted a 53bn-peso (US$4.09bn) second-quarter loss, almost 7% wider than the year-ago period.

 

In a statement, the company said earnings had been hit by increased operating costs and inventory acquisitions.

 

Despite the deficit, Pemex reported a 4.1% increase in Q2 revenue to 409bn pesos.

 

During an investor conference call, Pemex's chief financial officer Mario Beauregard cited tax liabilities as an obstacle to profitability.

 

The company paid 218bn pesos to Mexico's treasury during Q2, about 5% more than the same period last year.

 

Crude production from April to June was 2.45Mb/d, down from its 2013 average of 2.52Mb/d.

 

The Q2 results came as Mexico's congress deliberates over secondary legislation that will open the country's energy sector to private investors.

 

The reform is expected to provide international firms with access to deepwater and unconventional plays as soon as next year.

 

"Pemex needs to redefine its future strategy as a company that generates value and not as a state monopoly," Pemex added in the statement.

 

Most Read
see see
Fenasucro
Brazil Holds Global Leadership in Renewable Cogeneration...
21/07/25
Results
Revap Achieves Historic Records in H1 with S10 Diesel an...
21/07/25
Solar Energy
Transpetro Inaugurates Solar Plant to Supply the Belém T...
21/07/25
Company News
Strohm completes successful field trials for Petrobras
16/07/25
Natural Gas
Gasmig: 39 Years of Energy, Innovation, and Commitment t...
16/07/25
Sustainability
Foresea earns Social Seal and reports significant result...
11/07/25
Results
Oil and Gas Sector Leads Dividend Distribution in 2024 w...
10/07/25
Natural Gas
Comgás Receives 41 Proposals in Public Call for Natural ...
10/07/25
People
Lucas Mota de Lima Appointed Executive Manager of ABPIP
10/07/25
Biomethane
Presidente Prudente (SP) Begins R$12 Million Biomethane ...
10/07/25
E&P
Hitachi Energy to evaluate electrification of offshore p...
10/07/25
Digitalization
TGS and Equinor Collaborate to Drive Digital Transformat...
10/07/25
People
Julia Cruz Appointed as New Secretary of Green Economy, ...
03/07/25
Sustainability
ABB among TIME’s World’s Most Sustainable Companies
03/07/25
Biofuels
Brazil Can Lead the Decarbonization of International Tra...
03/07/25
Pre-Salt
Oil States signs contracts to supply rigid jumpers for S...
03/07/25
Electric Energy
SMEs: Seven Tips for Joining the Free Energy Market
03/07/25
Energy Transition
CCEE Highlights Leadership in Energy Transition at EVEX ...
03/07/25
Award
WPC Energy Announces Vicki Hollub as Recipient of the Pr...
01/07/25
ANP
Final Results of the PRH-ANP 2025 Announced
01/07/25
Wind Energy
New Provisional Measure Will Not Be Enough to Counter Ha...
30/06/25
VEJA MAIS
Newsletter TN

Contact us

We use cookies to ensure you have the best experience on our website. If you continue to use this site, we will assume that you agree with our Privacy Policy, terms of use and cookies.