Mexico's state oil company reported a 46 billion peso ($2.63 billion) net loss on Thursday, up from 43.3 billion pesos a year earlier.
The result marked Pemex's third consecutive quarterly loss, even as a war-fuelled rally in global oil prices lifted crude markets.
Slumping production and refineries bleeding cash undermined the company's finances, limiting any benefit from higher oil prices for the heavily indebted producer.
As Pemex bleeds cash and pollutes the Gulf, can it truly be the cornerstone of Mexico's energy sovereignty?
With its oil giant failing, why would Mexico's government now consider controversial fracking to solve its energy crisis?