Mexico’s state-owned oil firm Pemex reported its first quarterly revenue in a yr, reserving a web revenue of 59.52 billion pesos (US $3.17 billion) in the course of the second quarter regardless of a decline in revenues.
The rise in Pemex’s fortunes was helped largely by the peso’s favorable change price, however the firm — the world’s most indebted vitality agency — nonetheless faces appreciable challenges.
Presenta Pemex sus resultados del segundo trimestre de 2025
Comunicado Nacional: https://t.co/5tApaSQjRD#Pemex #PorElRescateDeLaSoberanía pic.twitter.com/M8og0KWUZ6
— Petróleos Mexicanos (@Pemex) July 28, 2025
Crude and condensate manufacturing continued to fall — dipping 8.6% in comparison with final yr’s second quarter — in addition to pure fuel manufacturing, which was down 3.7% in comparison with Q2 2024. Pemex additionally reported a monetary debt of US $98.8 billion on the finish of the quarter and revealed that it owes suppliers US $22.79 billion.
Nonetheless, because the peso rose in opposition to the greenback, the optimistic forex results allowed Pemex to beat a drop in revenues.
Pemex disclosed in regulatory filings that second-quarter revenues declined 4.4% to 391.62 billion pesos (US $20.9 billion), citing diminished crude oil volumes and decrease costs for refined merchandise, together with gasoline and diesel.
Decrease gasoline manufacturing additionally prompted an increase in U.S. imports in the course of the quarter, contributing to sinking revenues and fears that Mexico may grow to be a web oil importer attributable to a constant decline in manufacturing, underinvestment and mounting debt.
Whilst Pemex faces a monetary chokehold, the sudden quarterly earnings report not solely provides the corporate extra time to breathe, but additionally offers impetus to a brand new authorities plan to prop up the beleaguered oil large.
The Finance Ministry introduced final week that it will launch a brand new dollar-denominated debt concern, involving “Pre-Capitalized Notes,” a type of financing designed to strengthen Pemex’s steadiness sheet and not using a direct authorities assure.
Mexico’s fuel manufacturing falls brief as US imports surge to file ranges
Following final week’s announcement, credit standing company Fitch positioned Pemex on “score watch optimistic,” describing the transaction as “credit score optimistic” whereas lauding Mexico’s “willingness and talent to offer substantial help” to the oil firm.
Even so, the net information platform Oil Worth reported that “[Pemex’s] monetary profile and earnings outlook stay persistently weak.” And in response to Fitch, the oil firm nonetheless faces “unfavorable funds from operations, declining revenue margins on the again of decrease manufacturing and oil costs, in addition to unrelenting losses in its downstream enterprise.”
After the quarterly outcomes have been revealed, firm executives advised buyers Pemex was intent on rising crude oil manufacturing to the federal government’s objective of 1.8 million barrels per day, information company Reuters reported.
The executives stated so-called blended contracts could be provided to personal corporations, and Pemex would proceed to depend on authorities help. The corporate obtained 80 billion pesos (US $4.26 billion) in authorities help within the first quarter. The funds have been primarily used to pay down debt.
On this yr’s first quarter, Pemex reported a web lack of US $2.3 billion. Final yr’s losses amounted to roughly US $30 billion, Reuters reported, with fourth-quarter losses alone coming in at US $9 billion.
With experiences from Reuters, Animal Político, El Financiero and Oil Worth
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