The Mexican state Petróleos Mexicanos (Pemex) lost 43,329 million pesos (about 2,210 million dollars, depending on the exchange rate) during the first quarter of 2025, due to a fall in sales and a “context of high global volatility”, according to the company’s quarterly financial report.
The negative figure of the oil company, the most indebted in the world, contrasts with the profits of 4,682 million pesos (about 230.5 million dollars) of the same period in 2024.
The report attributed the result to a fall of 2.5% year -on -year in total sales to 395,590 million pesos (19,470 million dollars) and “a context of high global volatility” where the variation of the exchange rate caused a loss of 15,000 million pesos (738.5 million dollars).
Peméx also awarded his losses to “increases in other expenses, administration expenses, in the financial cost, in exchange loss and taxes and rights.”
Within the sales of the Mexican state oil company, the reduction of 7.6% of exports stands out to 156,807 million pesos (7,718 million dollars), although nationals rose 1.2% to 238,259 million pesos (11,726 million dollars).
Despite the net losses, Pemex’s gross benefits shot 43.3% to 109,014 million pesos (5,365 million dollars).
However, the yield before taxes and rights (EBITDA) of Petróleos Mexicanos collapsed 215% to a negative figure of 42,031 million pesos (2,069 million dollars).
Production and debt
Along with the losses, Pemex’s production collapsed 11.3% to 1.61 million barrels per day (MBD) after the average of 1.82 million of the first period of 2024.
Likewise, the natural gas production of the Mexican state decreased by 7.7% to 4,408 million cubic feet daily (MMPCD).
Pemex’s total financial debt rose 0.4% compared to the closure of 2024 to 93,363 million dollars.
Sheinbaum administration promises a plan
Pemex’s negative figures in 2025 add to the losses of 620,605 million pesos (about 30,620 million dollars, depending on the exchange rate at the time) in 2024, the last year of the presidency of Andrés Manuel López Obrador (2018-2024), after the profits of 8,152 million pesos (402.17 million dollars) of 2023.
The general director of the oil company, Víctor Rodríguez, announced in February an investment of almost 1.8 billion Mexican pesos (more than 90,000 million dollars) for exploration, production, fertilizers and petrochemicals in the administration of the president, Claudia Sheinbaum, who assumed last October 1.
With EFE information
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