Pemex Posts 14th Straight Loss as Spending Cuts Crimp Output

Petroleos Mexicanos posted a loss for the 14th consecutive quarter as massive spending cuts diminish the state oil producer’s ability to arrest years of declining production.

The first-quarter loss narrowed to 62 billion pesos ($3.6 billion), from 100.5 billion a year earlier, Pemex, as Mexico’s biggest company is known, said in a statement Thursday. The result adds to about $55 billion of losses in the past three years.

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