Pemex (Petroleos Mexicanos)
Mexico's state oil company Pemex is engaged in the exploration, production, transportation, refining, storage and sale of hydrocarbons and derivatives.
The company was founded in 1938 and is based in Mexico City, Mexico.
Its products include petrochemicals, natural gas, liquid gas, sulphur, gasoline, kerosene and diesel. It also operates more than 10,400 service stations throughout the country.
As a result of Mexico's energy reforms, Pemex restructured its operations and formed new subsidiaries. 4 of the company's units were transformed into 2 productive subsidiaries: an E&P;unit (formerly Pemex Exploración y Producción) and an industrial transformation unit (formerly Pemex Petroquímica, Pemex Gas y Petroquímica Básica, and Pemex Refinación).
In addition, 5 non-core subsidiaries were also approved to cover the segments of drilling and services, logistics, cogeneration and services, and fertilizers and ethylene.
Pemex reported losses of $14.3 billion for 2016, halving its losses from the previous year and saying "austerity" measures were starting to pay off.
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