Arab Today, arab today mexican oil company pemex reports the second quarter loss of 52bn
Last Updated : GMT 09:47:44
Arab Today, arab today
Arab Today, arab today

Mexican oil company Pemex reports the second quarter loss of $5.2bn

Arab Today, arab today

Arab Today, arab today Mexican oil company Pemex reports the second quarter loss of $5.2bn

Mexican oil company Pemex
Mexico City - AFP

State-owned Mexican oil company Pemex reported Tuesday losses of $5.2 billion in the second quarter, due mainly to lower petroleum prices.

It said prices of Mexican crude were 44 percent lower than in the same period a year ago.

In the first quarter of 2015, Pemex lost $6.5 billion.

The new losses -- 84.6 billion pesos in local currency -- far surpass those of the second quarter of 2014, which came in at 52.3 billion pesos.

Pemex is Mexico's largest company and its performance is critical to the health of state finances.

The company has been reporting heavy losses since 2013 mainly as a result of slumping oil prices.

In an earnings report released Tuesday, the company said the price of a basket of Mexican oil types used for export fell from $97.09 a barrel in the second quarter of 2014 to $53.95 a barrel in the same period of this year.

Last year Pemex cut spending by 11.5 percent, suspending such projects as one for deep-water exploration.

In 2014, President Enrique Pena Nieto ushered in a historic constitutional reform that opened up the Mexican oil sector to foreign money.

The goal was to lure capital that would reinvigorate the sector and stimulate Mexican economic growth.

The project got off to a disappointing start, however.

On July 15, Mexico held an auction of deepwater offshore oil blocks in the Gulf of Mexico. But with oil prices still low and Iran about to return to the oil market, demand was slack and only two of 14 blocks that were up for auction attracted bids large enough for deals to be sealed.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today mexican oil company pemex reports the second quarter loss of 52bn Arab Today, arab today mexican oil company pemex reports the second quarter loss of 52bn

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday