Pemex slips to loss

Pemex results: Production continues slide

Reuters/Scanpix

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Kathrine Schmidt

 27 July 2012 16:21 GMT

Pemex sank to a $1.9 billion quarterly loss as production continued to slip and exploration costs rose.

The Mexican state-controlled oil company posted a net loss of 25.9 billion pesos in the three months to June, compared with a 16 billion peso ($1.2 billion) profit in the year-ago period.

That figure came as revenue grew by 3% to 406.1 billion pesos, or $30.6 billion.

Total production fell 1.2% to 3.68 million barrels of oil equivalent per day.

Crude oil production dropped 0.7% to 2.58 million barrels per day, while natural gas production fell 4.3% to 6.41 billion cubic feet per day.

Completion delays at the Cantarell field and drilling contracting delays…

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