While Pemex’s exploration and production arm is profitable, the company is facing losses elsewhere, particularly from its refining operations. In July Fitch, a credit-rating firm, downgraded Pemex.

Pemex confirmed in a later statement on Thursday evening that a separate fire at its Minatitlan refinery, also in Veracruz, was under control after injuring five people.

The plant is operated by Pemex, Mexico's state-owned oil company, and located in the suburb of Deer Park. An aerial view of the Deer Park Manufacturing Complex in Deer Park, Texas, in August 2017.

The outside of a facility occupied by PEMEX Procurement International, Inc., in Houston, Texas, May 28, 2017. PEMEX is being sued by three workers after a deadly gas leak killed two people.

Pemex’s Olmeca refinery in Dos Bocas, Paraiso, Mexico. Luis Manuel Lopez/Reuters In the early decades of the 20th century, Mexico was the world’s largest oil exporter.

"Pemex seeks to save up to $1.35bn by curbing exploration and production" was originally created and published by Offshore Technology, a GlobalData owned brand.

Pemex's (PEMX.UL) domestic refining operations have long racked up losses, and the 2019 internal assessment seen by Reuters found the state oil group had failed to take advantage of its nearly ...

Pemex's crude oil exports took a nosedive in January, plummeting by a staggering 44% compared to the same month last year. This drop, the steepest on record, is largely due to U.S. Gulf Coast ...

Pemex, based in Mexico, has not yet said anything about how the leak happened. The refinery processes crudes from several countries and produces a range of products, including gasoline, aviation ...

The Mexican government had been reluctant to backstop Pemex debt. But on Thursday CEO Octavio Romero announced that the Mexican treasury will step in to refinance the company’s liabilities.

Mexico’s Pemex announced a $4.6 billion reconfiguration of its Tula refinery, saying the project was a better deal than moving forward on a new refinery nearby that previously had a price tag of ...

The money problem afflicting Pemex has largely been caused by successive Mexican governments treating the NOC as a cash cow, and the truth is that the company has been milked to death. This year ...