Pemex reports higher quarterly losses
Mexico Pemex last week reported third quarter losses that amount to $4.44 billion, up from $2.98 billion at this time last year. The heavy losses are due to reasons that include higher interest payments and foreign exchange losses, a 7.6-percent reduction in crude exports from the third quarter of 2013 and a declining average price in the company’s exports. Those prices have fallen from $100.53 per barrel in the third quarter of 2013 to $92.08 per barrel presently. While the company’s taxes have been reduced by 13 percent, the total amount owed to the Mexican government is still 16 percent higher than the company’s third quarter revenues.
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