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Mexico's state-owned oil company Petroleos Mexicanos or Pemex had slightly higher production, but lost $ 4.6 billion in the third quarter as exports and domestic sales slowed.
Mexico's state-owned oil company Petroleos Mexicanos or Pemex had slightly higher production, but lost $ 4.6 billion in the third quarter as exports and domestic sales slowed.
Photo: Petroleos Mexicanos
Mexico's state-owned oil company Petroleos Mexicanos or Pemex had slightly higher production, but lost $ 4.6 billion in the third quarter as exports and domestic sales slowed.
Mexico's state-owned oil company Petroleos Mexicanos or Pemex had slightly higher production, but lost $ 4.6 billion in the third quarter as exports and domestic sales slowed.
Photo: Petroleos Mexicanos
Mexico's state-owned oil company Petroleos Mexicanos or Pemex had slightly higher production, but lost $ 4.6 billion in the third quarter as exports and domestic sales slowed.
In a statement Monday morning, Pemex reported losses of $ 4.6 billion with revenues of $ 18.4 billion over three quarters. This figure was down from $ 1.4 billion in revenues of $ 22.3 billion during the third quarter of 2018.
The third quarter losses eliminated small production gains on crude oil, natural gas and refinery capacity. During the third quarter, Pemex's crude oil exports fell 22{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} year-over-year, while domestic sales of gasoline, diesel and other products fell about 20{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}.
Over the past two decades, Mexico has been struggling with the decline in oil and natural gas production as well as the decline in production of six aging refineries.
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In December, the new president of Mexico's Andres Lopez-Obrador began his term, promising to reform Pemex and promote domestic production of crude oil, natural gas, gasoline and diesel. The AMLO administration promised to build a seventh refinery and prioritized Pemex over foreign companies operating in Mexico.
Along the U.S. Gulf coast, several refineries are configured to process heavy oil and market large quantities from sources such as Iran and Venezuela, turning to Mexico, where many crude oil accounts for almost 63{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} of oil production. Nearly 1,69 million barrels per day.
Mexico realized a slight increase in crude oil production compared to about 1.66 million barrels per day produced in the second quarter, but decreased compared to 1.174 million barrels per day in the third quarter of 2018.
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Founded in 1938 when President Lazaro Cardenas nationalized Mexico's oil industry, Pemex is headquartered in Mexico City and has more than 128,000 employees. State-owned oil companies lost $ 7.2 billion in 2018 with sales of $ 88 billion.
Pemex owns a 50{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} stake in Shell & # 39; s Deer Park Refinery, a major US crude oil supplier, and owns at least 10 gas stations in the Houston area.
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