The parastatal started the year on the wrong foot
Petróleos Mexicanos (Pemex) reported a net loss of 45,992 million pesos during the first quarter of 2026. This is 6.2% more than in the same period last year. The company attributes this to a drop in sales, deterioration of fixed assets and higher financial costs. Ouch.
But not everything is gloomy
The general director, Víctor Rodríguez Padilla, highlighted in a conference with investors that financial debt was reduced by 7.3% compared to the end of 2025. It is now at 79 billion dollars, its lowest level since 2014. Yes, there is some light at the end of the tunnel.
“Debt reduction is an important step, but the operational challenges remain enormous,” said Padilla, without releasing the information.
Income down, production stagnant
Total income was 365.7 billion pesos, below the 395 billion last year. The blame: lower crude oil exports and production that remains at 1.6 million barrels per day. No progress.
The government moves chips
Meanwhile, the federal government continues with its restructuring strategy: refinancing, bond issuance and new agreements with private parties. But Pemex is not free from operational and environmental problems. Recent fires in Dos Bocas and a spill in the Gulf of Mexico are reminders that the road is uphill.
Politics is theater, but here the numbers don’t lie.
