Crisis Deepens at Mexico’s Pemex as Annual Loss Tops $30 Billion
- Oil production is now at ‘rock bottom’: IMCO analyst Ocampo
- Massive debt burden overshadows company efforts at turnaround
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Petroleos Mexicanos’ losses are worsening, compounding a crisis for President Claudia Sheinbaum as she seeks to rescue the state oil driller from sliding output, money-losing refineries and almost $100 billion in debt.
Pemex swung to a 190.47 billion-peso ($9.31 billion) loss during the final three months of 2024 from a meager 5 billion-peso profit a year earlier. It was the third straight period of negative results and topped off a whopping $30 billion in red ink for 2024, according to figures released Thursday.