MEXICO CITY Feb 27 Mexican state-owned oil
company Pemex said on Thursday its losses for the
fourth-quarter more than doubled from a year ago after it
lowered the value of assets including its Burgos gas field.
The Mexican oil giant, whose 75-year monopoly ended last
year with the passage of sweeping energy reforms, said it lost
76.508 billion pesos ($5.84 billion) during the October to
December period, against 28.761 billion pesos a year earlier
It reported fourth-quarter revenues of 409.5 billion pesos,
down 2.6 percent compared to revenues during the year-earlier
Pemex said its operating profit fell nearly a third as it
lowered the value of certain assets by 25.6 billion pesos,
mainly its Burgos field in northern Mexico.
Mexico is the world's No. 10 crude oil producer and the
third-biggest exporter to the United States but has to import
nearly half of its gasoline due to a lack of domestic refining
The company said that average crude production reached 2.523
million barrels per day for the quarter, down 1.6 percent
compared to the year-earlier period.
In December, President Enrique Pena Nieto signed into law an
energy overhaul that aims to breathe new life into the ailing
company by allowing it to enter into joint ventures with
international oil majors as well as providing it with more
budget and management autonomy.
The overhaul also ended Pemex's decades-long monopoly on
production, refining and retail activities, and promises to
boost output by luring major new streams of foreign investment
into the sector via new contracting options.