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Petroleos Mexicanos (PEMEX) investor relations material

Petroleos Mexicanos Q1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2025 earnings summary30 Apr, 2025

Executive summary

  • Improved financial and operational results in Q1 2025 were driven by government contributions, cost reductions, and a new fiscal regime, despite lower production and sales volumes.

  • Strategic focus included stabilizing production, increasing refined product output, advancing sustainability, and implementing a new management approach.

  • Federal government contributions supported debt amortization, improving liquidity and reducing total debt.

  • Net zero indebtedness policy reaffirmed, with stricter budget control and vertical integration progress.

  • Tax regime simplification and legal reforms enhanced efficiency, transparency, and public finance contributions.

Financial highlights

  • Total revenues from sales and services reached MXN 396 billion in Q1 2025, with operating income of MXN 64 billion.

  • EBITDA rose to MXN 124 billion, up MXN 32 billion year-over-year; EBITDA margin increased to 31%.

  • Cost of sales decreased by 13%, leading to a gross profit of MXN 109 billion and operating profit of MXN 64 billion.

  • Net loss for Q1 2025 was MXN 43.3 billion, mainly due to lower sales, higher expenses, and FX losses.

  • Payments to suppliers increased, reducing supplier debt by 20% compared to year-end 2024.

Outlook and guidance

  • Targeting oil production of 1.8 million barrels per day by end-2025, maintaining this level through 2027.

  • Zero net indebtedness goal for 2025, with no plans to increase debt balance or return to capital markets.

  • Crude oil hedging covers 38% of 2025 exposure; gasoline crack spread hedges generated a USD 2.2 million benefit in Q1 2025.

  • CapEx for Q1 2025 was MXN 72 billion, with 96% allocated to exploration and extraction; mixed contracts expected to supplement CapEx for the rest of the year.

  • Ongoing focus on cost reduction, productivity, and energy transition projects.

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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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