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Petroleos Mexicanos (PEMEX) investor relations material

Petroleos Mexicanos Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary27 Oct, 2025

Executive summary

  • Strategic plan 2025–2035 targets energy sovereignty, operational efficiency, and financial sustainability, leveraging regulatory reforms and private sector partnerships, while maintaining resilient operations despite lower crude prices and technical challenges.

  • Liquid hydrocarbons production averaged 1.65 million barrels/day, with gas production at 3,730 million cubic feet/day; crude processing increased 4.8% year-over-year to over 1 million barrels/day, driven by the National Refining System and Olmeca refinery.

  • Petrochemical and gas production increased, with new projects and rehabilitation programs underway.

  • Sales and service revenues were MXN 378.9 billion in Q3 2025, down 11.1% year-over-year, mainly due to lower export volumes and crude prices, partially offset by a 10.3% reduction in cost of sales.

  • Net loss improved to MXN 61.2 billion from MXN 161.5 billion in 3Q24, mainly due to lower costs, reduced asset impairment, and a favorable FX gain.

Financial highlights

  • Total revenue from sales and services was MXN 378.9 billion in Q3 2025, with EBITDA at MXN 58.4 billion, down 31.2% year-over-year, and EBITDA margin declining from 20% to 15%.

  • Gross margin was MXN 37.3 billion, a 17.8% decrease from 3Q24.

  • Foreign exchange gain of MXN 33 billion recorded, not affecting cash flow.

  • CapEx for the first nine months exceeded MXN 110.6 billion, with 79% allocated to exploration and production.

  • Payments to suppliers totaled MXN 299 billion between January and September 2025.

Outlook and guidance

  • Short-term debt projected to decrease by 32% and total debt by 10% by year-end 2025, supported by government capital injections and bond buybacks.

  • Net indebtedness expected to remain at net zero by the end of the administration.

  • CapEx for 2026 expected to remain in line with 2025 levels.

  • Ten mixed contracts to be awarded by end of 2025, targeting an additional 80,000 barrels/day production.

  • Strategic plan aims for 92–95% of national hydrocarbon production and increased gas output.

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Frequently asked questions

Petróleos Mexicanos, commonly known as PEMEX, is Mexico's state-owned petroleum company, operating across the entire petroleum value chain, from exploration and production to refining, marketing, transportation, and distribution of oil and natural gas. As one of the largest oil producers in the world, PEMEX plays a crucial role in Mexico's economy and energy sector. The company's activities include the extraction of crude oil and natural gas; the refining of petroleum to produce gasoline, diesel, and other petrochemical products; and the operation of a network of service stations across Mexico. PEMEX also engages in the development of petrochemicals, offering a range of products for industrial use. Despite its significant contribution to the national economy, PEMEX does not trade its shares on any stock exchange as it is wholly owned by the Mexican government. The company is headquartered in Mexico City, Mexico.

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