mexico. pemex posts 1.48 bln 2007 net loss

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    MEXICO CITY, Feb 27 2008

    Mexican state-run oil monopoly Pemex reported a $1.48 billion net loss for 2007, as higher energy imports knocked it back into the red after it managed a rare annual profit in 2006.

    Pemex, which is taxed heavily to provide more than a third of the government's fiscal income, said overall revenues inched up by 2.9 percent in 2007 to an all-time high of $104 billion, boosted by high global oil prices.

    High oil prices helped cushion Pemex's woes as the company struggled with declining yields at its huge but aging Cantarell offshore oil field.

    Cantarell for years produced 60 percent of Mexico's oil but output has slid since 2004 peaks. The field is now producing just 42 percent of national output.

    Pemex, which ships roughly a third of the oil it produces to the United States, also saw its operations hit last year by stormy weather that repeatedly closed Gulf of Mexico ports.

    Pemex said crude production dropped 5.3 percent in 2007 to an average of 3.082 million barrels per day. Average crude exports dropped 5.9 percent to 1.686 million bpd.

    Pemex, the world's most indebted oil company, said its total consolidated debt fell 15.2 percent in 2007 to end the year at $47 billion, after a reduction in long-term debt. Net debt, which subtracts cash equivalents, fell to $31 billion.
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