A drone view shows the Petroleos Mexicanos (Pemex) headquarters in Mexico City, Mexico May 8, 2025.
Pemex, along with its collaborators, extracted an average of 1.66 million barrels per day of crude oil and condensates in the third quarter of this year. This figure represents a 6.7% decline from the same quarter in 2024, as detailed in a submission to the Mexican stock exchange.
Several oil fields, particularly prominent ones in the Gulf of Mexico, have experienced rapid depletion. Additionally, numerous recent discoveries have underperformed expectations. These challenges have made it difficult for the major producer to achieve the government's target of 1.8 million barrels per day.
In contrast, Pemex refined an average of 1.01 million barrels per day during the quarter, marking a 4.8% rise from the prior year's third quarter.
CEO Victor Rodriguez informed investors during a conference call that the company's strategy involves boosting output through partnerships with private firms. He noted that approximately 40 organizations have shown interest in collaborating.
Pemex has chosen ten initiatives for these collaborative arrangements and is assessing eleven more potential projects under mixed contract frameworks.
The ability to maximize yields from established fields and pursue fresh exploration opportunities largely depends on available funding.
For the quarter, Pemex recorded a net loss of 61.25 billion pesos, equivalent to $3.34 billion. This is a substantial improvement from the 161.34 billion pesos loss in the same period last year. Revenues decreased by about 11% year-over-year, totaling 378.9 billion pesos.
The company also recognized a foreign exchange benefit of 33.4 billion pesos, resulting from the dollar's weakening against the peso.
Pemex's total financial obligations stood at $100.3 billion at quarter's end, even as government initiatives aim to reduce this burden. Obligations to suppliers and contractors amounted to $28.13 billion.
Under President Claudia Sheinbaum's administration, Pemex is targeting no additional net debt. Officials confirmed on Monday that the company plans to decrease its financial debt by another 10% before the year's close.
This financial stabilization effort supports broader operational enhancements. By narrowing losses and managing liabilities, Pemex positions itself to invest in sustainable production methods.
The uptick in refining capacity helps meet domestic fuel demands more effectively. Collaborations with private entities could introduce innovative techniques to revitalize aging assets.
As Pemex navigates these dynamics, its focus remains on balancing output levels with fiscal responsibility. The government's production aspirations underscore the importance of strategic alliances and efficient resource use.
Ongoing evaluations of new projects will determine the pace of recovery. Successful implementations could bridge the gap to targeted volumes.
Pemex's quarterly performance indicates progress amid persistent hurdles. Enhanced processing offsets some extraction shortfalls, fostering resilience in the energy sector.
