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Mexico’s Pemex sharply reduces losses as oil prices rise

Prices are seen displayed on fuel pumps at a Pemex gas station in Mexico City

Mexican state-owned oil company Pemex on Monday reported a much smaller fourth-quarter loss, due in large part to higher crude prices.

The loss narrowed to $1.58 billion (32.6 billion pesos) from $9.8 billion a year earlier.

“Pemex’s finances are today stable with positive trends; however, we believe there is certainly room for improvement,” Chief Financial Officer Juan Pablo Newman said on a conference call with analysts.

Revenue at the company officially known as Petroleos Mexicanos rose more than 20 percent to $15.67 billion, according to a filing to the Mexican stock exchange.

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