Pemex Posts 15th Straight Quarterly Loss as Oil Output Slumps

Petroleos Mexicanos lost money for the 15th consecutive quarter as a cash injection from the government wasn’t enough to overcome the pinch of record-low crude output, refinery upsets and a petrochemical plant explosion.

The second-quarter loss narrowed to 83.5 billion pesos ($4.42 billion), from 84.6 billion pesos during the same period a year earlier, according to a filing sent to the Mexican Stock Exchange. The result adds to about $59 billion of losses in the past three years.

Crude production at Pemex, as the company is known, fell 2.2 percent from a year earlier to 2.176 million barrels a day, following a 100 billion peso budget reduction in the first quarter that reduced the company’s exploration spending. Pemex’s refineries, which lose more than 100 billion pesos each year, continued to be hampered by outages during the quarter and had its petrochemical supply chain interrupted by an April 20 plant blastthat killed at least 24 people.

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