Petroleos Mexicanos (PEMEX) Q3 2025 earnings summary

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.