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24

Mexico's Pemex Profit Decreased

The loss compared with a year-ago net profit of 8.1 billion pesos

Mexican state oil monopoly Pemex posted a first-quarter net loss of 10.1 billion pesos on Wednesday, hurt by decreased export volumes, a lower export price for Mexican crude and higher costs.

The loss compared with a year-ago net profit of 8.1 billion pesos amid soaring oil prices that had lifted heavily taxed Pemex into profit in mid-2005 for the first time in years.

Mexico's crude oil export mix was priced at an average $47.34 per barrel over the first quarter, down from a revised $50.12 in the year-ago period, as sky-high world oil prices suffered a correction.

Pemex's oil exports also dipped to an average of 1.711 million barrels per day from 2.003 million bpd in the year-ago period as declining yields at Mexico's Cantarell field pulled oil output down to 3.158 million bpd from 3.345 million.