PEMEX Posts $1.48 Billion Net Loss For 2007 - Reuters

[hatrack]

MEXICO CITY, Feb 27 (Reuters) - Mexican state-run oil monopoly Pemex reported a $1.48 billion net loss for 2007, as higher energy imports knocked it back into the red after it managed a rare annual profit in 2006.

Pemex, which is taxed heavily to provide more than a third of the government's fiscal income, said overall revenues inched up by 2.9 percent in 2007 to an all-time high of $104 billion, boosted by high global oil prices. Pemex said refined fuel imports rose 14.6 percent, as its strained refineries failed to keep up with demand. Imports of gasoline alone jumped 50.3 percent.

High oil prices helped cushion Pemex's woes as the company struggled with declining yields at its huge but aging Cantarell offshore oil field. Mexico's crude oil mix sold at a heady average of $61.66 per barrel in 2007, up from $53.04 in 2006.

Cantarell for years produced 60 percent of Mexico's oil but output has slid from 2004 peaks. The field is now producing just 42 percent of national output and Pemex has yet to announce a new oil project big enough to take over from it.

EDIT

http://uk.reuters.com/article/oilRpt/idUKN2749319120080228

[Xipe Totec]

1. SELL!

Oh, wait...

It's not a public company.

Never mind...

[hogwyld]

2. When the Mexican people wake up

and realize that everything is gone, get ready for an invasion the likes that have never been seen.

[hunter]

3. You think there will be any jobs left here in the U.S.?

I don't. There will be no reason for Mexicans to "invade" because the U.S. will already be saturated with unemployed U.S. citizens.