Mexico's Pemex cuts annual loss as oil prices soar / Photo: ©
-
Internationals keep Presidents Cup lead with late fightbacks
-
Smells like teen spirit as US thrash Peru 4-1
-
Tuchel to 'keep pushing' England to reach Spain's level
-
Cavy chaos: Hundreds attend New Zealand's biggest guinea pig show
-
Alcaraz saves match points to keep Europe ahead in Laver Cup
-
Venezuela releases more political prisoners after opposition talks
-
Spain success driven by hunger to improve, says De La Fuente
-
England's best 'for a long time' despite Spain defeat, says Kane
-
Lyon collapse at Stade Francais to suffer first Top 14 loss
-
Powerful storm pummels northeast US with rain, high winds
-
Oyarzabal and Spain sink England again as Modric shines for Croatia
-
Filmmaker Mike Leigh wins top prize at Spain festival with 'last film'
-
Housing protesters camp in central Madrid after mass demonstration
-
Spain beat England in Nations League to extend unbeaten run
-
Louise Trotter expands her palette at Bottega Veneta
-
Ireland squad vote to play Israel tie despite Gaza unease
-
Pope prays at Lourdes after huge Paris mass
-
Gutsy Vollering wins cycling road race world title
-
USA trims International lead after Presidents Cup four-balls
-
Vollering wins cycling road race world title
-
Russia accuses Europe of blocking Ukraine talks, as strikes drag on
-
Man City's meteoric rise clouded by dark shadow
-
'He said hello': Families pray with pope on Paris avenue
-
Mbappe out for two weeks or more with knee injury say Real
-
Pope celebrates giant Paris mass, flies to Lourdes
-
Lyon collapse away to Stade and suffer first Top 14 loss
-
Thousands march in Madrid over eviction of 87-year-old woman
-
Russia accuses Europe of seeking to thwart Ukraine talks
-
England women back to winning ways with last-gasp defeat of New Zealand
-
Man City chairman defiant over reported Premier League charges
-
Trump rejects Iran proposal for deal to reopen Hormuz
-
Germany ready to 'walk through fire' for Klopp, says Tah
-
England's Cox says injured Buttler leaves 'big shoes to fill'
-
At least 16 killed in Russian and Ukrainian strikes
-
Ruthless Perpignan upset sloppy Bordeaux-Begles
-
Powerful storm pummels US Northeast
-
Deadly abbey attack feeds anti-Ukrainian sentiment in Poland
-
Bangkok declares disaster after homes flooded, roads submerged by heavy rain
-
Antonelli says he drove 'safety-first' on his worst weekend of season
-
Norris calls for errant Colapinto to be banned for causing Baku crash
-
Fernandez fights back to reach Singapore Open final
-
Russell finds himself again and prepares to heap pressure on Antonelli
-
Giant statue of Pope Leo XIV takes shape in Peru workshop
-
South Korea hold nerve to win Asian Games basketball gold
-
Ukraine crush holders Italy to reach first BJK Cup final
-
Russell holds off Verstappen to claim imperious victory in Baku
-
Pope celebrates giant Paris mass in landmark visit
-
Russell holds off Verstappen to win Azerbaijan Grand Prix
-
Germany selects Munich for Olympics host bid
-
India's Kohli says 2027 ODI World Cup will be his last
Mexico's Pemex cuts annual loss as oil prices soar
Mexican state energy giant Pemex said on Monday that it had reduced its losses by more than half in 2021, to $10.9 billion, helped by a jump in global oil prices.
The company reported a net loss of 224.36 billion pesos for the year, down from 509.05 billion pesos in 2020.
Revenue rose 57 percent to nearly 1.5 trillion pesos, lifted by rises in prices of crude oil and other energy products such as gasoline, diesel and natural gas, a statement said.
Pemex is recovering from what it called its worst ever crisis in 2020, when an economic slump sparked by the coronavirus pandemic caused oil prices to briefly turn negative for the first time.
The price of Mexican crude oil for export averaged $65.31 a barrel in 2021, 82.3 percent higher than in 2020, the company said.
Since taking office in 2018, Mexican President Andres Manuel Lopez Obrador has sought to help Pemex with cash injections and other measures following years of declining production.
In January, the finance ministry said that Pemex had reduced its debt by $3.2 billion thanks to a refinancing process supported by government funding.
Total debt stood at $109.0 billion at the end of 2021, the company reported.
M.Ouellet--BTB
