PEMEX loses MXN 52 billion in third quarter of 2022 (Revised)

How on God Green earth is this even remotely possible?

How incompetent does an oil company have to be, when oil prices are about US$ 75 per bbl is it possible for PEMEX to lose US$ 2;5 billion in a quarter? This loss tells you everything you need to know about Mexico and its inability to deal with reality.

Oil in Mexico is extracted in the golf of Mexico in a relatively well know and exploited oil well that has been producing for nearly 30 years. The cost of producing that "shallow oil" is unlikely to be more than US$ 5 per bbl. They sell the stuff for US$ 75 per bbl.

PEMEX is the ONLY oil company in the world that consistently lost money in the past two decade

NOTE: Exon Mobile saw its Q3 results double over the previous year to US$ 19 billion.

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