(Adds quote, details on export volumes, output, taxes and 2015 debt)
By David Alire Garcia
MEXICO CITY, Oct 24 (Reuters) - Mexico’s state-owned oil company Pemex reported a much deeper third quarter loss on falling crude output and prices, the company said on Friday in a filing with the Mexican stock exchange.
Pemex said its quarterly loss totaled 59.65 billion pesos ($4.44 billion) during the July to September period, compared with a year earlier loss of 39.14 billion pesos ($2.98 billion).
The company reported third-quarter revenues of 406.5 billion pesos for the quarter, down 0.7 percent compared with same period last year, due mostly to fewer crude and condensate exports.
Crude export volumes were down 7.6 percent to 1.096 million barrels per day (bpd).
Higher interest payments and foreign exchange losses also weighed.
Pemex’s crude oil production was down 4.3 percent during the quarter to 2.398 million barrels per day (bpd), compared with 2.506 million bpd during the third quarter of 2013.
The drop in output was mostly due to a 9.4 percent drop in the production of heavy crude.
Meanwhile, the average price of Pemex’s crude exports fell 8.4 percent to $92.08 per barrel, compared with $100.53 per barrel during the same period last year.
Mexico’s government has long relied on oil revenues to fund about a third of the federal budget.
In a rare bright spot for the quarter the company saw its tax burden drop nearly 13 percent compared to the same period last year, reaching 197 billion pesos ($14.7 billion).
Still, total taxes were nearly 16 percent higher than Pemex’s operating profit for the quarter, the company noted.
Natural gas output rose slightly during the quarter.
The Mexican oil giant also saw financing costs for the quarter rise to 32.8 billion pesos, compared with 5.3 billion pesos during the same period last year.
A sweeping energy overhaul that was approved by Mexico’s Congress in August ended Pemex’s decades-old monopoly. The reform promises to reverse declining production by luring billions of dollars in new investment.
Beginning next year, Pemex is set to ink its first joint ventures with private and foreign oil companies for a mix of 10 onshore and offshore fields expected to generate total investment of $32.3 billion.
“We have entered into a transformation process but (our) motivation is great ... we will manage to catch up with both the Mexican and global sector,” said Pemex treasurer Rodolfo Campos on a call with analysts, adding the gains of the reforms are expected in the medium and long term.
Campos said Pemex expects to borrow more next year compared to this year, with debt for 2015 expected to reach $15 billion if approved by Mexico’s Senate.
Crude oil production has fallen from a 3.4 million bpd peak in 2004.
The company has said it expects 2014 crude oil production to average 2.35 million bpd.
$1 = 13.4235 Mexican pesos at end-Sept Reporting by David Alire Garcia; Editing by Simon Gardner, W Simon and Chris Reese