Pemex posts 10,792 million peso loss in third quarter despite 28.5% revenue growth
Key Facts
Mexico’s state oil company Pemex posted a net loss of 10,792 million pesos, equivalent to about $596.9 million, in the third quarter of 2026, according to a report carried by Reuters via El Economista. The result was far below the loss in the same period a year earlier, but left the company in the red for the quarter. At the same time, total revenue rose 28.5% year on year to 486,779 million pesos. The report attributed the narrower loss to higher sales and lower asset impairment. The figures present a mixed picture of the company’s performance, with revenue growth and improved refining activity offset by a slight decline in liquid hydrocarbons production and higher financial debt.
Pemex’s net loss was 61,247 million pesos in the third quarter of 2025, according to the same report, compared with 10,792 million pesos in the third quarter of 2026. The company said higher sales and lower asset impairment helped narrow the loss. Total revenue rose to 486,779 million pesos, up 28.5% year on year, with higher domestic sales contributing. Pemex reported net profit of 18.0 billion pesos in the second quarter of 2026, after an operating loss of 11.1 billion pesos in the second quarter of 2025. The shift from a second-quarter profit to a third-quarter loss highlights the difference between the two periods in the same year.
On production, liquid hydrocarbons output, including production from partners and condensates, fell 0.4% year on year to 1.64 million barrels per day in the third quarter. Pemex attributed the decline to failures in pumping systems and “operational events.” By contrast, average crude processing rose to 1.14 million barrels per day, up 13.8% from the third quarter of 2025. The company said the Olmeca refinery drove a major part of the increase, with processing reaching 227,000 barrels per day. The divergence between production and processing points to differing trends in liquid extraction and refinery operations during the quarter.
Higher processing fed through to fuel output, with petroleum products production rising 15.5% year on year to 1.16 million barrels per day in the third quarter of 2026. Production of high-value distillates, including gasoline, diesel and jet fuel, increased 16.7% to 725,000 barrels per day. The figures put fuel growth in the context of expanded crude processing and do not erase the decline in liquid hydrocarbons production during the period. According to Pemex, the Olmeca refinery was the main driver of the increase in crude processing. The quarter’s results therefore combined growth in refining activity and petroleum products with a limited decline in liquids production.
Financial debt stood at $77,600 million at the end of September 2026, up from $77,500 million at the end of June, the report said. Pemex’s filing with the U.S. Securities and Exchange Commission said the company’s recurring losses were tied mainly to the tax burden on hydrocarbons extraction, including the oil welfare levy in effect since January 1, 2025, and that operating cash flow was insufficient to fully fund operations and capital spending. The filing also showed a net loss of 27,968.577 million pesos in the first half of 2026, compared with net income of 16,187.424 million pesos in the first half of 2025. In October, Pemex said Fitch had raised its international rating to BB+, after upgrading it from B+ to BB in August 2025, while HR Ratings kept its national rating at AAA. The company linked improved financial coordination to a decline in its debt-to-EBITDA ratio from 8 times in 2025 to 4 times in 2026, and a 39% reduction in debt maturities scheduled for 2027.
Pemex’s financial calendar scheduled publication of results for the period ended September 30, 2026, and a conference call for October 30, 2026. The company thus placed its third-quarter results within its scheduled financial disclosure for the period, alongside a presentation to investors. The figures came after the announcement of second-quarter 2026 profit and before the end of the financial year. The published results covered revenue, production, refining and debt, as well as net loss. The report date and conference call had been set on the company’s financial calendar for October 30.