Pemex nearly doubles losses in 2015, production dips further

[MEXICO CITY] Mexico's embattled state-run energy firm Pemex posted on Monday US$30.3 billion in losses in 2015, nearly double from the previous year, and a further drop in crude production.

After unveiling US$5.5 billion in budget cuts, the company published dismal annual results showing 521.6 billion pesos in losses compared to 265.5 billion pesos the previous year, while crude production fell 6.7 per cent to 2.27 million barrels per day in 2015.

AFP