Petroleos Mexicanos (PEMEX) H2 2024 earnings summary

Executive summary

• 2024 results were marked by operational recovery efforts, financial discipline, and strategic investments, with continued government support and a focus on ESG initiatives.

• Crude oil and gas production declined year-over-year, while refining output increased and petrochemical results were mixed.

• Net loss for 2024 was significantly impacted by non-cash impairments and foreign exchange losses.

• ESG initiatives and stakeholder engagement were prioritized, with progress in emissions reduction, safety, and improved ratings.

• New national energy policy and legal framework aim to enhance sustainability, efficiency, and social responsibility.

Financial highlights

• 2024 revenues decreased by 2.4% year-over-year due to lower crude oil export volumes, while total sales reached MXN 1,678 billion.

• Cost of sales rose 4.4% from higher maintenance and amortizations; gross profit was MXN 182 billion.

• EBITDA margin for 2024 ranged from 15% to 40%, with EBITDA between MXN 14.6 billion (4Q24) and MXN 249 billion (annual).

• Net loss for 2024 was MXN 304 billion, mainly due to impairment and FX losses; 4Q24 net loss was MXN 190.5 billion.

• Debt balance decreased by $8.4 billion to $97.6 billion by year-end 2024.

Outlook and guidance

• 2025 CapEx budget set at MXN 210 billion, with focus on E&P, strategic partnerships, and ESG alignment.

• 2025-2030 Work Plan targets 1.8 MMbbl/day liquid hydrocarbons and 5,000 MMcf/day natural gas, with major investments in exploration, refining, fertilizers, and clean energy.

• Ongoing efforts to reduce supplier debt and maintain net zero indebtedness.

• No additional rig suspensions expected in 2025; previously suspended rigs to return online in the second half.

• Dos Bocas refinery to resume operations after addressing crude quality issues.