UPDATE 2-Mexico's Pemex says Q4 losses widen as asset values lowered

jueves 27 de febrero de 2014 20:29 GYT

(Adds CFO comment, details on taxes, export sales and volumes)

By David Alire Garcia

MEXICO CITY Feb 27 (Reuters) - Mexican state-owned oil company Pemex said on Thursday its losses for the fourth quarter more than doubled from a year earlier after it lowered the value of some assets, including its Burgos gas field.

Lower crude oil sales and volumes also contributed to the weak quarter, the company said.

The Mexican oil giant, whose 75-year monopoly ended last year with the passage of sweeping energy reforms, said it lost 76.508 billion pesos ($5.84 billion) during the October-to-December period, compared with 28.761 billion pesos a year earlier.

It reported fourth-quarter sales of 409.5 billion pesos, down 2.6 percent compared to revenues during the year-earlier period.

The reduced sales revenue was dragged down by lower market prices for Maya crude, Mexico's main export blend, as well as a drop in domestic gasoline sales.

Export sales were down 4.6 percent during the quarter, while export volumes slid 5.4 percent, the company added.

Pemex said its operating profit fell nearly a third as it lowered the value of certain assets by 25.6 billion pesos, primarily its Burgos gas field in northern Mexico, near the border with Texas.   Continuación...