MEXICO CITY, Feb 27 (Reuters) - Mexican state oil

company Pemex posted a 190.5 billion-peso ($9.1 billion)

fourth-quarter net loss on Thursday, following a year-ago

profit, citing higher sales costs, lower fixed asset values and

currency exchange losses.

The ailing giant's production continued to decline during

the three-month period, and financial debt remained close to the

$100 billion level it has hovered at for years, amounting to

more red ink than nearly any other oil company.

In a rare admission, a senior company executive acknowledged

major problems.

"Pemex is going through a challenging situation, and one

that's different from past circumstances," said corporate

planning chief Jorge Alberto Aguilar in a call with analysts to

discuss the results.

Aguilar cited problems with the company's operations,

working capital and its falling output, as well as "serious"

budget restrictions that require a recovery strategy.

One of Mexico's largest companies, Pemex's crude output has

fallen to historic lows in recent years as it has shunned equity

tie-ups with others, and its older offshore fields, particularly

in the southern Gulf of Mexico, have neared the end of their

productive life.

Company executives pointed to declining output from offshore

fields Maloob and Zaap, as well as onshore field Quesqui.

During the fourth quarter, crude and condensate production

reached 1.65 million barrels per day, down nearly 10% from a

year ago, according to a filing with the country's main stock

exchange.

The company's working capital at the end of 2024 was

negative 750.6 billion pesos, the filing showed.

Revenue for the period rose to 436.6 billion pesos, up 3%

from the year-ago quarter.

In another bright spot, the company's tax bill edged down to

45.7 billion pesos in the quarter, compared to 53.9 billion

pesos a year earlier.

Earnings before interest, taxes, depreciation and

amortization, an operating performance measure, totaled 14.6

billion pesos in the quarter.

Pemex ended last year with $97.6 billion in financial debt

even as the governments of President Claudia Sheinbaum and her

like-minded predecessor have provided unwavering support.

The company said the federal government provided it with

156.5 billion pesos in 2024, with 96% used to pay down debt.

Debt owed to service providers as of last December totaled

506.2 billion pesos, or about $24.2 billion.

Pemex's refineries processed 786,000 bpd of crude in the

fourth quarter, a major priority of the government, which is

seeking to lessen dependence on fuel imports.

($1 = 20.8829 pesos at end-December)