UPDATE 1-Mexico's Pemex posts 9th straight quarterly loss amid oil, peso slump

viernes 27 de febrero de 2015 12:50 GYT
 

(Adds details from statement and production background)

MEXICO CITY Feb 27 (Reuters) - Mexico's state-owned oil company Pemex on Friday reported its ninth consecutive quarterly loss, hurt by a slump in the price of oil and a slide in the Mexican peso against the dollar.

Pemex said it made a loss of 115.768 billion pesos ($7.85 billion) in the October to December period, against a 77.454 billion peso loss for the fourth-quarter of 2013.

The company reported a foreign exchange loss of 67.5 billion pesos. The peso slumped nearly 12 percent against the dollar in the fourth quarter.

Revenue fell 11 percent compared with the year-earlier period to 365.217 billion pesos.

Pemex said the price of Mexico's crude mix fell 27.9 percent in the quarter. Global oil prices fell nearly 60 percent from June to late January due to a combination of oversupplied markets and lackluster demand.

The company said that average crude oil output for the quarter reached 2.360 million barrels per day (bpd), down 6.5 percent compared with production during the same period the previous year.

Crude production has fallen by nearly a third from a peak of 3.4 million bpd in 2004.

Mexico is the world's No. 10 crude producer and the third-biggest exporter to the United States behind Canada and Saudi Arabia, but has to import much of its natural gas and gasoline due to lacking domestic capacity.

($1 = 14.7475 pesos at end December) (Reporting by Christine Murray; Editing by Marguerita Choy)