Mexico's national oil company Pemex narrowed its multibillion-dollar losses...
MEXICO CITY - Mexico’s national oil company Pemex narrowed its multibillion-dollar losses last year, executives said on Wednesday, as it seeks to fast-track the development of 20 new fields this year in a bid to bring new streams of crude online.
Pemex is facing mounting scrutiny from investors after its credit rating was cut two notches by Fitch Ratings in late January, putting it just one level above junk status. The veteran leftist won a landslide election last year on a promise to boost the company formally known as Petroleos Mexicanos.Pemex’s $7.6 billion loss in 2018 was significantly narrower than the $14.3 billion it lost in 2017, helped by currency exchange gains and recovering crude prices.
Pemex’s six domestic refineries have a lot of room for improvement. Crude processing in 2018 stood at just 612,000 bpd, or about 38 percent of their capacity, far below the efficiency rates of the facilities clustered along the U.S. Gulf Coast.
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