Mexico’s state oil company Pemex’ downward profit trend continues as it records $5.8billion (£3.5billion) net loss in the fourth quarter.
The fifth consecutive quarterly decline stands against a $2.2billion loss a year earlier, following a 2.6% drop in sales to $31billion.
The company’s crude production in the quarter slid by 1.5% compared to the same period a year ago, currently standing at 2.52million barrels per day, extending a nine-year trend.
Pemex is planning to spend $27.7billion this year, primarily on exploration and production and is looking to sell $14.7billion of debt this year.
The company’s 76-year oil monopoly in the country came to an end on December 20, when President Enrique Pena Nieto introduced a law opening the market to international companies, hoping to increase foreign investment by up to $20billion a year.
Pemex will choose the fields it wants to keep for development, with the remaining blocks open for bidding, following congress approval in the next few weeks.
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