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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.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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