Amid record profits across the globe for oil and gas giants, Mexico’s national oil company Petróleos Mexicanos, aka Pemex, posted yet another loss in the fourth quarter of 2022.


The company reported a fourth-quarter net loss of 172.4 billion pesos ($9.4 billion) after a 52- billion peso loss in the third quarter. In 4Q2021, Pemex reported a loss of 124 billion pesos.

On the bright side, Pemex managed to turn a profit of 23 billion pesos, or about $1.25 billion, over the course of 2022. It was the first positive annual result in a decade. In 2021, Pemex reported a loss of 295 billion pesos.

During an earnings call on Monday, executives also highlighted work to lower the company’s debt burden. Total debt fell to around $107 billion, from $109 billion at end-2021....