UPDATE 2-Mexico's Pemex posts 10th consecutive quarterly loss

jueves 30 de abril de 2015 13:06 GYT
 

(Adds quote, details on crude output and exports)

By David Alire Garcia

MEXICO CITY, April 30 (Reuters) - Mexico's state-owned oil company Pemex posted its 10th consecutive quarterly loss in the first quarter, as it was hit hard by lower crude prices and higher financial expenses, the firm said on Thursday.

Pemex's 100.5 billion peso ($6.6 billion) quarterly loss was nearly three times as large as the company's loss in the same period last year.

Revenue for the January through March period fell sharply to 279.5 billion pesos, compared with revenue of 407 billion pesos in the year-earlier period, the company said in a filing with the Mexican stock exchange.

The average price of Pemex's crude oil export mix during the quarter was $45 per barrel, down by more than half from $92 during the same quarter last year.

"We expect that this oil price slump is not permanent. This is a cyclical industry in which the oil price behavior is sometimes up and sometimes down," said Gustavo Hernandez, head of the company's exploration and production unit, in a call with analysts.

Crude export volumes, however, were up about 6 percent on the quarter to 1.263 million bpd, compared to shipments of 1.19 million bpd in the year-earlier period.

The company said average crude oil output was 2.3 million barrels per day for the quarter, down 7.7 percent from a year earlier when Pemex produced an average of 2.492 million bpd.   Continuación...