PEMEX: how do they do it? Posts another $6 billion 4Q21 loss vs a profit one year ago. Link here. Can anyone make sense of this: their revenue almost doubled, and yet they lost money. Wow, that must be hard to do.Apparently due to currency exchange losses and higher taxes -- say what?
Mexican state oil company Pemex reported a $6.05 billion fourth-quarter net loss on Monday, driven by higher taxes and currency exchange losses despite more oil output, with the firm set to require further big cash infusions from the government.
Pemex, which has long struggled to stay in the black,managed to turn a profit of nearly $5 billion in the year-ago period.
Revenue for the state-run company, known officially as Petroleos Mexicanos,rose almost 80% in the last three months of 2021, boosted by a jump in domestic sales and crude exports.
The country taxes them, they show a loss, and now the government needs to return that tax money plus more to keep Pemex solvent?
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