Mexico’s state-owned oil company posted a staggering $23 billion record loss for the first quarter in yet another sign of trouble for President Andres Manuel Lopez Obrador’s big plans to rescue the country’s battered cash cow.
The results show Petroleos Mexicanos, which is struggling to pay down more than $100 billion of debt and halt more than a decade of production declines, had been hit hard by crude’s historic crash and the pandemic-driven collapse in energy demand even before the height of the crisis this month.