Mexico’s Pemex Q1 net profit plummets 92%

Pemex also reported revenues of 405.9 billion pesos for the January-to-March period, down 3% from the year before, driven mainly by a drop in crude prices.

Its financial debt was $101.5 billion at the end of the quarter. Throughout his term in office, President Andres Manuel Lopez Obrador has thrown Pemex billions of dollars in lifelines, including capital injections and tax reductions.

The world’s most indebted energy company, Pemex owes national and international service providers billions more.

Pemex remains the largest contributor to state coffers even though production has fallen from the heights seen decades earlier because fields are being depleted and newer discoveries have failed to compensate for the decline.

Reporting by Ana Isabel Martinez, Adriana Barrera and Stefanie Eschenbacher; Writing by Valentine Hilaire; Editing by Anthony Esposito – Reuters

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