Mexico’s Pemex posts wider third-quarter loss of $8.2 billion

Mexican state-owned oil company Pemex reported a deeper 161.3 billion peso ($8.2 billion) third-quarter net loss on Tuesday, according to a filing with the Mexican stock exchange, compared to losses of around $4.5 billion in the year-ago period.

Revenues for the country's biggest company during the July-to-September period totaled 426.1 billion pesos.

The company noted that its financial debt for the three-month period totaled $97.3 billion.

President Claudia Sheinbaum took office at the start of this month, mostly pledging to continue government support for Pemex, much like her predecessor.

In its filing, Pemex disclosed it has received 145 billion pesos in assistance from state coffers during the quarter.

But some close to Sheinbaum have suggested she might be more open to some form of Pemex partnerships with private oil companies in a push to boost production amid massive debt.

The new president has said she would target what she has described as a sustainable oil output of 1.8 million barrels per day (bpd).

But over the years, the company has seen its crude oil output fall steadily from a peak of 3.4 million bpd two decades ago, sliding in recent months to fresh record lows at under 1.5 million bpd.

($1 = 19.6921 Mexican pesos at end-September)