Mexico’s state oil company Petróleos Mexicanos (Pemex) held natural gas and oil production steady in the third quarter, but low commodity prices and foreign exchange effects drove another multibillion-dollar loss.

Natural gas production averaged 3.959 Bcf/d during 3Q2023, up slightly from 3.88 Bcf/d averaged in 3Q2022, the 100% state-owned firm reported. Crude oil production averaged 1.88 million b/d, versus 1.8 million m/d in the same period last year. 

Associated gas output fell by 630 MMcf/d or 22.9%, “due to the decline in production in the Ku, Onel, Xux, Teotleco, Xanab and Yaxche fields,” the company said. “Non-associated gas increased by 710 MMcf/d, which represents a 40.7% variation compared to the same period of the previous year, due to the contribution of the...