Pemex has posted a $3.8billion loss for the second quarter of 2013 – just weeks before the Mexican government is set to overhaul the country’s oil industry.
The state-owned oil company saw losses widen from 33.6billion pesos last year ($2.66billion) to 49billion pesos in the same period this year, with production falling by 1.1% to 2.52Mboed.
Revenues also fell 3.2% on last year, to 393.2billion pesos ($31billion).
The Mexican government is expected to allow private investment into the state oil company in the next few weeks, which helps fund around a third of the country’s budget, with experts predicting it could lead to stronger ties with the US and Canada as a result.