Oil Report

UPDATE 1-Mexico state oil company Pemex adjusts 4th-qtr net

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MEXICO CITY, March 31 (Reuters) - Mexico state oil company Pemex revised its fourth-quarter net loss to a deeper loss of 65.1 billion pesos ($4.97 billion) due to an accounting adjustment, the company said on Wednesday.

On March 1 Pemex reported a fourth-quarter net loss of 16.6 billion pesos. It is now adding an additional 48.5 billion pesos to that loss, Pemex said in a statement to the Mexican stock exchange. The adjustment was found and reported to an independent auditor, the company said.

Pemex [PEMX.UL], one of the United States’ top four suppliers of imported crude oil, said no other figures in its quarterly report had changed.

The equity in Mexico’s state oil monopoly Pemex was wiped out in the last quarter of 2009 as losses on refined product sales, lower crude output and high taxes offset higher crude prices.

Losses on the sale of fuel in the domestic market, where prices are set below international levels, also hurt the company’s bottom line.

Mexican oil production has fallen by nearly a quarter since 2004 as output from the aging giant Cantarell field has collapsed. ($1 = 13.10 pesos as of end-Dec) (Reporting by Mica Rosenberg; Editing by Gary Hill)