Mexican state oil monopoly Petroleos Mexicanos (Pemex) reported a nearly $2.7 billion first-quarter loss on Wednesday.
Pemex, which provides one-third of the Mexican government’s revenue, had a $327 million loss in the same quarter a year earlier. For all of 2013, the company saw a net loss of $12.5 billion.
Mexico’s national oil company posted the poor results amid an energy reform driven by new President Enrique Pena Nieto, who in December signed a controversial law to open Mexico’s energy sector to foreign investment for the first time in 75 years.
The Mexican government on Wednesday presented legislation to formalize the constitutional reform.
Pemex is the seventh-biggest producer of crude oil in the world, according to the company, but it has suffered a sharp drop in production in recent years. Production fell to 2.5 million barrels per day (bpd) in 2013 from 3.4 million bpd in 2005.