UPDATE 1-Mexico's Pemex posts $1.9 bln loss as output falls

Thu Apr 30, 2009 4:58pm EDT

(Recasts, adds details)

MEXICO CITY, April 30 (Reuters) - Mexico's state oil company Pemex posted a net loss of 27 billion pesos ($1.9 billion) in the first quarter, hurt by lower production and oil prices and a rise in its debt costs as the peso declined.

Pemex had a net profit of 3.3 billion pesos in the same quarter a year ago. The company made the announcement in a filling with the Mexican stock market.

Mexican oil production fell 7.8 percent in the first quarter to 2.667 million barrels per day as the yields at the giant Cantarell field declined faster than Pemex could add production capacity elsewhere.

Pemex said its oil export basket averaged $38.90 a barrel during the quarter, far below the $83.60 a barrel it earned last year. Falling exports and the lower price cut revenues to 226.4 billion pesos ($16 billion) from 321.5 billion pesos a year earlier.

Mexico's peso fell sharply against the dollar in the first quarter of 2009 as risk-averse investors dumped emerging market assets. The decline in the value of the peso pushed up the nominal value of Pemex's mostly dollar denominated debts. ($1 = 14.1517 at the end of March) (Reporting by Robert Campbell; Editing by Marguerita Choy)

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