Pemex Losses Accumulate as Oil Production Hits Record Low
- Mexico oil company hasn’t reported positive results since 2012
- Pemex had plant explosion, received capital injection in 2Q
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Petroleos Mexicanos added to more than three years of losses as a cash injection from the government wasn’t enough to overcome the pinch of record-low crude output, refinery upsets and a petrochemical plant explosion.
The second-quarter deficit narrowed to 83.5 billion pesos ($4.42 billion), from 84.6 billion pesos during the same period a year earlier, according to a filing sent to the Mexican Stock Exchange. The result adds on to $59 billion of losses since 2012.