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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