(Recasts, adds details)
MEXICO CITY, April 30 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
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)