MEXICO CITY: Mexican state-owned oil company Petroleos Mexicanos said it posted a $20.75 billion net loss for the first nine months of 2015, an increase of 138.4 percent compared with the same period of last year.
In its report for the period that ended Sept. 30, Pemex attributed the higher net loss to a 6.9 percent drop in hydrocarbon production and a 50 percent decline in the price of Mexico’s crude mix from $93.31 a barrel to $46.69 per barrel.
Pemex’s bottom-line result also was affected by an increase in its cost of sales to $37.90 billion, up 1 percent relative to the first nine months of 2014.
Pemex’s total sales amounted to $53.04 billion, down 26.2 percent from January-September 2014, a result mainly attributable to a 35.6 percent plunge in export revenues, which totaled $18.95 billion.
The company also said Wednesday it had obtained a license to import up to 75,000 barrels of crude per day from the United States.
Pemex will begin importing light American crude in exchange for a similar amount of heavy Mexican crude.
“The use of these light crudes in Mexican refineries will (enable the production) of higher-value fuels such as gasoline and diesel … which will generate higher margins,” Pemex said.
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