UPDATE 1-Mexico's Pemex posts narrower first quarter loss

jueves 28 de abril de 2016 13:05 GYT
 

(New throughout, adds details on prices, output, debt and additional capital boost from the government)

By David Alire Garcia

MEXICO CITY, April 28 (Reuters) - Mexican national oil company Pemex on Thursday reported a 62 billion peso ($3.6 billion) loss in the first quarter, less than last year as a lower tax burden helped offset a slump in crude prices.

It marked Pemex's 14th consecutive quarterly loss, though it was 38 percent smaller than the 100.5 billion peso loss the company posted in the same quarter a year earlier.

The company paid 27 billion pesos less in taxes compared to last year during the quarter.

Revenue in the January-March period was 225 billion pesos, down from nearly 280 billion pesos a year earlier, the company said in a filing with the Mexican stock exchange.

The average price for Pemex's crude exports during the first quarter stood at just $25.92 per barrel, the company said, down from $45 in same period last year and the lowest quarterly average since 2002 when Mexico's oil export mix traded around $17 per barrel. In 2013, the average price was around $110.

The company said average crude output totaled 2.23 million barrels per day for the quarter, down 3 percent from a year earlier when Pemex produced an average of about 2.3 million bpd.

Pemex has said its average crude output goal for this year remains at 2.13 million bpd, down from peak production of 3.38 million bpd in 2004.   Continuación...