Pemex Ekes Out Tiny Profit as Oil Production Decline Resumes
- AMLO’s successor is expected to continue supporting Pemex
- Pemex has $102 billion in debt, most of any oil company
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Mexico’s state oil giant posted a slight profit in the first quarter as production slipped, with government support helping to prop up the debt-saddled company.
Petroleos Mexicanos posted a profit of 4.7 billion pesos ($274 million), compared with 56.7 billion pesos a year ago, the company reported Friday. Crude and condensate output slid to 1.82 million barrels a day, compared with 1.853 million in the same quarter last year.