Pemex’s falling profits complicate the reduction of its debt

Scott Squires and Amy Stillman

Yesterday 17:45

Petróleos Mexicanos’ third-quarter profit and production fell, complicating the oil company’s efforts to reduce your large debt.

Pemex’s net loss was 79,130 ​​million pesos (US$4.4 billion), from 25.4 billion pesos in the previous period, the company reported on Friday. Crude and condensate production fell to 1.85 million barrels per day from 1.88 million in the last quarter.

Mexico’s Treasury gave Pemex a capital injection of US$4 billion

The results indicate that government aid for the state oil producer has not reversed the company’s financial decline. The administration of President Andrés Manuel López Obrador has been lavishing support on Pemex, granting the world’s most indebted oil company tax cuts and capital injections to no avail.

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