Pemex Reports December Oil and Gas Production Falls to New Lows

Pemex seems almost to have exited the drilling and exploration business altogether, as December output fell sharply to continue the multiyear trend toward output collapse.

Crude oil output fell 37M BOPD to 2.035 MMBOPD, or a 240 thousand barrel per day decline over last December.

Natural gas output fell 135 MMCF per day, or 2.4% to 5.38 BCFD, or a 0.83 BCFD decline over last December.

The charts and graphs tell the story better: