Pemex posts seventh straight quarterly loss as output plunges

MEXICO CITY (Bloomberg) -- Petroleos Mexicanos posted its seventh consecutive quarterly loss as production at the state- owned oil monopoly plummeted to its lowest levels in 19 years. The Mexico City-based company’s net loss of 52.2 billion pesos ($4.02 billion) widened from a 49 billion-peso loss a year ago, the producer known as Pemex said in a statement. Sales increased 4.1% to 409 billion pesos. Pemex is counting on a landmark law enacted last year that opens Mexico’s energy industry to private competition for the first time since 1938 to help stem declining output.

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