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14. Pemex
Global 500 rank: 42
2007 loss ($ millions): $1,675

Mexico's state-owned petroleum company recorded a net loss of $1.7 billion in 2007, reversing a gain of about $4.2 billion in 2006. The company said the decline was due to an increase in taxes - according to news reports, the taxes Pemex pays provide more than a third of the government's fiscal income - and an increase in fuel imports to meet local demand. (Mexico today imports about 40% of the gasoline it consumes domestically.)

Part of the problem is Pemex's aging facilities: Its main offshore oil field is old and output is slowing. Pemex recently said it may build a new refinery to reduce gasoline imports.

NEXT: Tokyo Electric Power
Last updated July 09 2008: 8:26 AM ET
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