Losses: Pemex reports on first quarter of the year
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Pemex sees losses in first quarter
Mexico's oil giant Pemex reported a net loss of 27 billion pesos (US$1.9 billion) in the first quarter of the year, the company said.
Pemex said the losses were a result of lower crude prices.
Crude production for the first quarter was over two million barrels per day or a 7.8% reduction due to the declining production at Cantarell, said a statement on their website.
Total gas production rose 13.8% in the first quarter due to increasing volumes from the Cantarell transition zone and an increased production from the Delta Grijalva project.