Pemex Profits Fall Amid $4 Billion Government Injection
- State-owned driller is struggling after a spate of accidents
- Pemex’s chief said the government would help pay its debts
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Petroleos Mexicanos’s profits fell in the second quarter as the company struggles with soaring debt.
Pemex also confirmed it received fresh funds from the government in a capital injection worth 64.97 billion peso ($3.9 billion), said Alberto Jimenez, associate managing director of finance at the company, on a conference call with investors on Friday. In total, support under Lopez Obrador has amounted to nearly $49 billion in capitalizations, tax breaks and other assistance.