UPDATE 1-Mexico's Pemex posts steep Q3 loss as exports, prices fall
MEXICO CITY Oct 25 (Reuters) - Mexican state oil monopoly Pemex posted a sharp loss for the third quarter, the company said on Thursday in a filing with the Mexican stock exchange, on lower export volumes, weaker crude prices and foreign exchange losses.
Pemex said it lost 39.2 billion pesos ($2.98 billion) during the July to September period, compared with a year earlier profit of 24.54 billion pesos ($1.87 billion).
The company reported third-quarter revenues of 409.3 billion pesos for the quarter, up 0.09 percent compared with same period last year.
Third-quarter revenues were 408.9 billion pesos during the year-earlier period.
Pemex's crude export sales fell to 173.8 billion pesos ($13.4 billion), the company said.
Mexico's government relies heavily on oil revenues to fund about a third of the federal budget.
For the quarter, Pemex said its tax burden was 226.1 billion pesos ($17.4 billion), compared to 223.4 billion pesos previously reported for the same period last year.
Mexico is the world's No. 10 oil producer and a major exporter to the United States but has to import nearly half of its gasoline due to a lack of domestic refining capacity.
The company said that average oil production reached 2.506 million barrels per day for the quarter.
Crude oil production has fallen by a quarter from a 3.4 million barrel per day peak in 2004.
In August, President Enrique Pena Nieto proposed a broad energy reform that would overhaul the domestic industry under state control since 1938 by luring more private investment and creating a new profit-sharing contract regime.
Last month, Pena Nieto separately pitched a new, lower tax structure for Pemex.
The controversial proposals are expected to be voted on by the Congress later this year.
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