UPDATE 1-Mexico's Pemex posts sharp loss in second quarter
MEXICO CITY, July 26 (Reuters) - Mexican state oil monopoly Pemex on Friday posted a loss of 49 billion pesos ($3.8 billion) in the second quarter, widening its losses from the same period a year earlier on lower crude export prices and a stronger peso.
The announcement of the loss comes just weeks before the government is due to unveil a plan for a major overhaul of the oil industry aimed at attracting more private capital.
Pemex, a symbol of Mexican self-sufficiency since the industry was nationalized in 1938, is struggling to reverse a decline in crude output, which has fallen by a quarter since peaking at 3.4 million barrels per day in 2004.
Mexico's government relies heavily on oil revenues which fund around a third of the federal budget, and Pemex often operates at a loss due to a heavy tax burden.
In addition, the peso has strengthened against the dollar compared with a year earier, helping damp the company's revenues as measured in Mexican currency.
Mexico is a major exporter to the United States, but has to import nearly half of its gasoline due to a lack of domestic refining capacity.
During the second quarter of last year, Pemex registered a loss of 33.6 billion pesos.
Revenues during the April-June period were 393.2 billion pesos, the company said.