Pemex Reports $6.1 Billion Loss While Crude Output Rises
- It reported a 4.5% rise of crude and condensate in the quarter
- Pemex plans to end oil exports and produce more fuel at home
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Petroleos Mexicanos reported its largest net loss in seven quarters even as crude output increased, the latest sign the beleaguered Mexican state driller has a ways to go to stabilize its finances.
The company reported a fourth-quarter loss of 124.1 billion pesos ($6.1 billion) compared to a profit of 96.1 billion pesos a year earlier, which it said was due to global crude tax increases of 65% compared to late 2020. The dollar strengthening against the peso led to exchange-rage losses, Pemex added.