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Pemex Reports Fifth Straight Quarterly Loss As Output Falls

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March 3, 2014

Petroleos Mexicanos posted a fifth consecutive quarterly loss as production at the country’s state oil monopoly heads toward a decade of declining output.

A net loss of 76.5 billion pesos ($5.8 billion) in the fourth quarter widened from a 28.7 billion-peso loss a year earlier, the Mexico City-based company known as Pemex said Feb. 27 in a statement. Sales at the world’s fifth-largest crude producer fell 2.6% to 409 billion pesos.

President Enrique Peña Nieto enacted a law Dec. 20 that will end Pemex’s 76-year state oil monopoly by allowing ...

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