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Pemex Posts Quarterly Loss as Oil Output Fall Continues

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Petroleos Mexicanos posted its eighth consecutive quarterly loss as declining output from its Cantarell oilfield pushed production at the state-owned oil monopoly to its lowest level in 24 years.

The Mexico City-based company’s net loss of 59.7 billion pesos ($4.4 billion) widened from a 39.2 billion-peso loss a year ago, the producer known as Pemex said today in a statement. Sales for the quarter fell 0.7 percent to 406.5 billion pesos from a year earlier.