Mexican oil giant Pemex reports $2.7 billion Q1 loss

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Mexico’s state oil monopoly Pemex on Wednesday reported a nearly $2.7 billion loss in the first quarter.

Pemex, which provides a third of Mexico’s government revenue, had a $327 million loss in the same quarter of 2013.

The company saw a net loss of $12.5 billion in 2013.

Mexico’s national oil company posted the poor results amid an energy reform driven by President Enrique Pena Nieto, who in December signed a controversial law to open Mexico’s oil industry to foreign investment for the first time in 75 years.

The Mexican government on Wednesday presents legislation to underpin the constitutional reform.

Pemex is the seventh largest producer of crude oil in the world, according to the company, but has suffered a sharp fall in production in recent years. In 2005, Pemex produced 3.4 million barrels per day compared with 2.5 million in 2013.