LatinNews Daily - 29 October 2021

In brief: Mexico’s Pemex reports losses in Q3

* Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) has released new figures which show that it registered a net loss of M$77.2bn (US$3.77bn) in the third quarter of 2021, compared with a M$1.4bn profit in the same period in 2020. The Pemex report cited higher tax payments and foreign exchange losses as a cause. According to the report, Pemex reported a small increase in production in the third quarter compared with the same period in 2020, after adding new wells, with oil and condensate output rising to 1.752m barrels per day (bpd), 4.2% higher than a year earlier. The increase comes despite fires reported earlier this year at the company’s oil platforms in the Ku-Maloob-Zaap (KMZ) offshore oil fields, its largest production complex, which affected production. According to the same report, Pemex’s financial debt stood at US$113bn, up 1.3% on the amount registered at the close of 2020.

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