Pemex Sees Record Loss as Oil Production Fails to Meet Government Targets

Mexico's state energy company Pemex reported a significant decline in its second-quarter net profit, plummeting 69.7% year-on-year to 18.02 billion pesos ($1.03 billion).

The revenue during the April-to-June period totaled 510.44 billion pesos, while earnings before interest, taxes, depreciation and amortization were 144.23 billion pesos.

Pemex struggled to boost oil production, producing only 1.66 million barrels per day of crude oil and condensate, short of the government's goal of 1.8 million bpd.