Mexico’s Pemex bleeds more red ink in nearly $24 billion quarterly loss

Mexican state oil company Pemex, hammered by a collapse in crude prices and a sharp depreciation of the Mexican peso, on Thursday posted a multibillion-dollar quarterly loss that was far wider than losses a year earlier.

Losses during the first quarter of 2020 totaled $23.6 billion (562.13 billion peso), likely the company’s biggest ever quarterly loss as the COVID-19 pandemic cratered demand for crude oil globally.

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