Mexican state-owned oil company Petroleos Mexicanos said Friday it posted a net loss of 92.6 billion pesos ($7.1 billion) in the year’s first nine months, compared with a profit of 31.4 billion pesos ($2.4 billion) in the same period of 2012.
In a conference call with investors, Pemex reported that it registered a net loss of 39.2 billion pesos ($3 billion) in the third quarter alone, a steep drop from the 24.5-billion-peso ($1.9-billion) profit it recorded in July-September 2012.
Average crude production in the first nine months of the year came in at 2.52 million barrels per day, and the company expects output will continue to rise and finish the year at 2.6 million bpd.
Total sales between January and September amounted to 1.2 trillion pesos ($92.2 billion). Crude export sales, which were down 13 percent from the same nine-month span of 2012, accounted for 512 billion pesos ($39.4 billion) of the total.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, for the first nine months of 2013 rose to 795 billion pesos ($61.2 billion), while production of petroleum products climbed 3.2 percent.
In addition to the lower export volumes, Pemex was hit over the year’s first nine months by higher operating and administrative expenses and foreign-exchange losses estimated at 4 billion pesos ($307 million) resulting from the peso’s appreciation over last year’s levels.
Pemex, the world’s fifth-largest oil company by output, has a monopoly on crude production in Mexico, although a proposed energy overhaul would allow private companies to enter into profit-sharing joint ventures with the state-owned firm.