Pemex loses 43.329 billion pesos in the first quarter of 2025

MEXICO CITY.— Petróleos Mexicanos (Pemex) lost 43.329 billion pesos , or about $2.21 billion , according to the exchange rate, during the first quarter of 2025 , due to a drop in sales and a “context of high global volatility,” according to the Mexican state-owned company’s quarterly financial report.

The negative figure for the oil company, the most indebted in the world , contrasts with the profits of 4.682 billion pesos, approximately $230.5 million, for the same period in 2024.

Pemex has accumulated four consecutive quarters of losses. The last time losses were recorded in so many consecutive quarters was between Q1 2019 and Q2 2020.

— Gabriela Siller Pagaza (@GabySillerP) April 30, 2025

The report attributed the result to a 2.5% year-over-year drop in total sales to 395.59 billion pesos (US$19.47 billion) and to “a context of high global volatility” where exchange rate fluctuations caused a loss of 15 billion pesos (US$738.5 million).

Peméx also attributed its losses to "increases in other expenses, administrative expenses, financial costs, foreign exchange losses, and taxes and duties."

Among the Mexican state oil company's sales, the most notable was a 7.6% drop in exports to 156.8 billion pesos (US$7.71 billion), although domestic exports increased 1.2% to 238.259 billion pesos (US$11.726 billion).

Despite the net losses, Pemex's gross profits soared 43.3% to 109.014 billion pesos (5.365 billion dollars).

However, Petróleos Mexicanos' earnings before taxes and duties (EBITDA) plummeted 215% to a negative figure of 42.031 billion pesos (2.069 billion dollars).

🔴🚨 #BREAKING | Pemex reports $43.3 billion in losses in 1Q25, despite improving its EBITDA to levels not seen since 2022. Production continues to fall.🔎 Read the full analysis at https://t.co/3fJbSb85Uy #Pemex #EnergyMexico #PublicFinance #EnergyReform

— Industry&Energy Magazine (@OilGasMagazine) April 30, 2025

Along with the losses, Pemex's crude oil production plummeted 11.3% to 1.61 million barrels per day (MBD), compared to an average of 1.82 million in the first quarter of 2024.

Likewise, the Mexican state-owned company's natural gas production decreased by 7.7% to 4.408 billion cubic feet per day (MMcfd).

Pemex's total net financial debt increased 0.4% compared to the end of 2024 to $93.363 billion.

Pemex's negative figures for 2025 are added to the losses of 620.605 billion pesos (about 30.62 billion dollars, according to the exchange rate at the time) in 2024, the last year of Andrés Manuel López Obrador's presidency (2018-2024), after the profits of 8.152 billion pesos (402.17 million dollars) in 2023.

The oil company's general director, Víctor Rodríguez, announced in February an investment of almost 1.85 trillion Mexican pesos (more than 90 billion dollars) for exploration, production, fertilizers and petrochemicals during the administration of President Claudia Sheinbaum, who took office on October 1.— (By Pedro Pablo Cortés ).

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