Pemex Reports Biggest Loss Ever as Oil Market Rout Cuts Deeper
- Pemex posts loss of more than $10 billion in third quarter
- Pemex has reported losses in 12 straight quarters since 2012
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Mexico’s state-owned oil producer reported the biggest quarterly loss in company history as the prolonged rout in crude prices worsened the impact of declining output.
Petroleos Mexicanos, known as Pemex, posted a loss of 167.6 billion pesos ($10.2 billion) in the third quarter. The world’s ninth-largest crude producer has now reported losses in 12 consecutive quarters dating back to 2012. Pemex reported a 60 billion-peso shortfall in the third quarter a year earlier.