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Pemex Halts Deepwater Projects With Budget Cuts to Stem Losses

  • Mexico's oil producer recorded $32 billion in 2015 losses
  • Suspending development offshore will further hurt output

Mexico’s state-owned oil company is taking deepwater development off its plate for now.

Driven to rip $5.5 billion out of its budget this year to cope with a lengthening market downturn, it makes sense that Petroleos Mexicanos would look first to its riskiest and most expensive operations. The company reported its 13th quarterly loss on Monday, bringing its total losses for 2015 to $32 billion.