Mexico's Pemex pumps less, refines more in third quarter
Mexican state energy company Pemex pumped less crude while scaling up its processing in the third quarter, it said on Monday, as it reported a smaller net loss than in the same quarter a year ago.
Pemex and its partners pumped an average of 1.66 MMbpd of crude oil and condensates during the third quarter of this year, down 6.7% from the same period of 2024, a filing with the Mexican stock exchange showed.
With many fields declining rapidly - especially former star producers in the Gulf of Mexico - and many new discoveries not living up to expectations, the behemoth has struggled to meet the government's ambitious production goal of 1.8 MMbpd.
Pemex meanwhile processed an average of 1.01 MMbpd in the quarter, 4.8% more than in the same quarter last year.
Plans to work with private companies. CEO Victor Rodriguez told investors in a call that the company's current plan seeks to increase production with the help of private companies, adding that some 40 companies had expressed interest.
Pemex reported that it had selected ten such projects and was evaluating another 11 for these so-called mixed contracts.
Much of what the company can realistically do - squeezing more barrels from mature fields and exploring new possibilities - hinges on financial resources.
Company narrows quarterly net loss. Pemex reported a net loss of 61.25 billion pesos ($3.34 billion) for the quarter, from a loss of 161.34 billion pesos a year ago, while revenues in the quarter fell about 11% from a year ago to reach 378.9 billion pesos.
It also booked a foreign exchange gain of 33.4 billion pesos during the quarter, driven by the depreciation of the dollar against the peso.
In the filing, Pemex said its financial debt totaled $100.3 B at the end of the quarter, despite efforts from the government to bring it down. Its debt with suppliers and contractors stood at $28.13 B.
During the government of President Claudia Sheinbaum, Pemex aims for net zero new debt, officials reiterated on Monday, adding that the company would shave off another 10% from its financial debt by year-end.
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