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Pemex sets record losses of $32 billion

Tuesday, March 1, 2016

The financial woes of Mexican state oil company Pemex continue to mount as it reported a $9.3 billion loss in the fourth quarter and laid out plans for deep spending cuts this year, including delays of new offshore developments.

Pemex lost about $32 billion in all of 2015, as oil prices plunged and the company’s crude output fell for an 11th straight year.

Source: Bloomberg