(Adds details on drop in crude export sales and volumes, and
MEXICO CITY, April 30 Losses at Mexican
state-run oil company Pemex widened substantially in
the first quarter, hit by a decline in export prices and
volumes, it said on Wednesday.
The loss grew to 35.9 billion pesos ($2.75 billion) for the
quarter from 4.33 billion pesos a year earlier.
Pemex's crude oil export sales fell by $6.8 billion due to a
slide in the price of Mexico's exports, the company said in its
filing with the Mexican stock exchange.
Crude export volumes were also down, by 1.1 percent, at an
average of 1.19 million barrels per day for the quarter.
Mexico's government relies on oil revenues to fund about a
third of the federal budget.
For the quarter, Pemex said its tax bill was 210 billion
pesos ($16.09 billion).
Revenue rose nearly 3 percent to 407 billion pesos.
Mexico is the world's No. 10 crude producer and the
third-largest exporter to the United States, but it must import
nearly half of its gasoline due to a lack of domestic refining
The company said average crude production had reached 2.492
million bpd for the quarter, down 2.1 percent from a year
Since hitting peak production of 3.38 million bpd in 2004,
Mexican crude output has slid by a quarter to settle at 2.52
million bpd last year. Crude exports have dropped by a third
over the same period.
In December, Mexico's Congress passed landmark energy reform
legislation that ended Pemex's 75-year monopoly on oil
production and aims to lure significant new streams of private
investment via new contracts to boost output.
Pemex's crude output in March averaged 2.47 million bpd, the
lowest since 1995.
($1 = 13.06 pesos at end of March)
(Reporting by Dave Graham and David Alire Garcia; Editing by
Lisa Von Ahn)