Petroleos Mexicanos (PEMEX) Q1 2025 earnings summary

Executive summary

• Regulatory reforms and a new governance structure were implemented, including a single board with independent members and updated internal regulations, while federal contributions supported liquidity and debt reduction.

• New taxation regime and organizational simplification aim to reinforce core business performance, efficiency, and financial sustainability.

• Institutional strategy focuses on stabilizing operations, cost reduction, and productivity, with a medium-term plan for 2025-2027 targeting sustainability and vertical integration.

• Mixed development schemes and private investment are being pursued to offset field declines and maintain oil production at 1.8 million barrels per day by end-2025.

• Energy transition initiatives and sustainability commitments, including zero routine flaring by 2030, are underway.

Financial highlights

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

• EBITDA for Q1 2025 was MXN 124.4 billion, up MXN 32 billion year-over-year, with EBITDA margin rising to 31%.

• Cost of sales decreased by 13% year-over-year, gross profit was MXN 109 billion, and operating profit was MXN 64 billion.

• CapEx for Q1 was MXN 72 billion, with 96% allocated to exploration and extraction.

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

Outlook and guidance

• Zero net indebtedness targeted by end-2025, supported by MXN 136 billion in federal contributions and strict budget control.

• Mixed contracts with private partners expected to supplement CapEx and support production goals.

• Hedging covers 38% of 2025 crude oil exposure and provides protection against gasoline crack spread volatility.