UPDATE 4-Mexico's Pemex bleeds more red ink in nearly $24 bln quarterly loss [Reuters]
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Source: Reuters
Mexico's Pemex bleeds more red ink in nearly $24 billion quarterly loss MEXICO CITY (Reuters) - Mexican state oil company Pemex, hammered by crashing crude prices and a sharp depreciation of the Mexican peso, on Thursday posted a multibillion-dollar quarterly loss that was far wider than losses a year earlier. Losses during the first quarter of 2020 totaled $23.6 billion (562.13 billion peso), likely the company’s biggest ever quarterly loss as the COVID-19 pandemic cratered demand for crude oil globally. Pemex struggled on numerous fronts, from debt management to the government’s determination to ramp up its money-losing refining business. The setback far exceeded the 35.7 billion peso loss during the January-March period last year. Pemex Chief Financial Officer Alberto Velazquez blamed the pandemic’s economic fallout, calling them “serious but temporary” in an analyst call after the results were published. Pemex “will continue with the best operational and financial (plans) implemen
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