Tax cuts and other fnancial support helped Mexican state-owned oil frm Pemex through the Covid-19 crisis in the second quarter, but the company’s record debt levels continue to rise. Pemex’s net losses stood at 44bn pesos ($2bn) in the second quarter, in from a Ps53bn loss in April-June 2019 (see table). But this refected a 77pc reduction in the company’s tax bill — to Ps24bn from Ps103bn — through two royalty cuts. Lighter second-quarter losses also followed a record loss of Ps562bn in January- March, triggered by exchange rate setbacks, leaving the frm Ps606bn in the red for the frst half of this year.
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