Background on Pemex and its Significance
Petróleos Mexicanos (Pemex) is Mexico’s state-owned petroleum company, responsible for exploration, production, refining, and marketing of oil and natural gas. As the primary source of energy for Mexico, Pemex plays a crucial role in the country’s economy and energy security. Its financial performance directly impacts Mexico’s fiscal health and the well-being of its citizens.
Q3 2025 Financial Performance
Pemex reported a net loss of 61.242 billion pesos for the third quarter of 2025, a 62% reduction compared to the 161.455 billion pesos loss in Q3 2024. This improvement can be attributed to several factors, including lower crude prices, reduced sales volumes, increased taxes and duties, and notable foreign exchange gains due to the Mexican peso’s appreciation against the US dollar.
Key Factors Affecting Pemex’s Performance
- Lower Crude Prices and Sales Volumes:
- Increased Taxes and Duties:
- Foreign Exchange Gains:
- Reduced Asset Depreciation and Cost of Sales:
The average price of the Mexican crude mix fell 10.5% to $62.2 per barrel, while export volumes dropped by 23% to an average of 557,000 barrels per day. Internal sales also decreased by 4.2% to an average of 1,296,000 barrels per day.
The new Petroleum Right for Well-being led to a significant increase in tax payments, with the third quarter seeing 47.486 billion pesos paid in taxes, compared to over 6 billion pesos in fiscal support from the federal government during the same quarter in 2024.
The Mexican peso appreciated against the US dollar, with the exchange rate falling from 19.629 to 18.383 pesos per dollar. This appreciation resulted in a foreign exchange gain of 33.384 billion pesos, contrasting with the 130.111 billion pesos loss in Q3 2024 due to the peso’s depreciation.
Pemex experienced a 64% reduction in the depreciation of its fixed assets (wells, pipelines, plants, and equipment) to 12.418 billion pesos and a 5% reduction in the cost of sales to 329.143 billion pesos.
Accumulated Results
Cumulatively, Pemex’s sales have decreased by 6.1% to 1,166,091 billion pesos. The company has reported an accumulated loss of 45.055 billion pesos, which is 89.5% lower than the 430.103 billion pesos loss observed from January to September 2025, a period heavily impacted by the peso’s depreciation and foreign exchange losses.
Key Questions and Answers
- What led to Pemex’s reduced losses in Q3 2025?
- How did tax payments affect Pemex’s financial performance?
- What role did the Mexican peso’s appreciation play in Pemex’s improved financial results?
Pemex’s reduced losses can be attributed to lower crude prices, decreased sales volumes, increased tax payments, and notable foreign exchange gains due to the Mexican peso’s appreciation against the US dollar.
The new Petroleum Right for Well-being led to a significant increase in tax payments, with the third quarter seeing 47.486 billion pesos paid in taxes, contrasting with over 6 billion pesos in fiscal support from the federal government during the same quarter in 2024.
The Mexican peso appreciated against the US dollar, with the exchange rate falling from 19.629 to 18.383 pesos per dollar. This appreciation resulted in a foreign exchange gain of 33.384 billion pesos, contrasting with the 130.111 billion pesos loss in Q3 2024 due to the peso’s depreciation.
