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  HOME | Mexico

Loss Climbs 74.4% to $16.8 Billion in 2017, Pemex Says
The loss was the result of deteriorating assets, higher taxes and the drop in the value of the peso against the dollar, among other factors, Pemex said

MEXICO CITY State-owned oil giant Petroleos Mexicanos (Pemex) reported on Monday a net loss of $16.84 billion for 2017, up 74.4 percent from the $9.66 billion loss posted the previous year.

The loss was the result of deteriorating assets, higher taxes and the drop in the value of the peso against the dollar, among other factors, Pemex said.

Revenues totaled $71 billion, up 30.1 percent from 2016, Pemex said.

Production averaged 1.95 million barrels per day (bpd) of crude, down 9.8 percent from 2016.

Natural gas output fell 13.6 percent last year to 4.2 billion cubic feet per day, Pemex said.

Liabilities, including short- and long-term debt, and other items, rose 1.8 percent to $183.26 billion last year.

Pemex said it finished 2017 with total debt of $102.99 billion, up 2.8 percent from the end of 2016, of which 92 percent is long-term debt.

 

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