Mexico's Pemex narrows its losses in the last quarter of 2025

Pemex, the Mexican state energy company, has reported a sharp decline in losses for 'the fourth quarter. A filing with 'the Mexican stock exchange showed a loss of $8.62 million.

The filing revealed that it had a net loss in the same quarter of last year of 350.46 billion Pesos.

Pemex said that it received 395.3 billion dollars in government support last year. By 2025, the company had a financial debt amounting to $85.2 billion, and a debt owed to suppliers of $24.18 million.

This year, the company is still expected to repay $13.4 billion of debt.

Pemex has tried to squeeze more barrels out of several fields that are rapidly declining, particularly in the Gulf of Mexico. They also want to produce faster with 'new' ones.

The company has repeatedly stated that it will reduce its crude oil exports. A large portion of this crude oil is shipped to the U.S. It refines more oil at home.

Pemex shipped an average of 1,14 million barrels of crude oil per day to its refineries. Pemex had processed 786,000 barrels per day in the same quarter of last year.

The government has made it a priority to increase refining. It built a new refinery at the port of Dos Bocas, and invested heavily in its outdated infrastructure.

Even with government support, the operations of this organization are still constrained by its budget and mounting debts.

The production of crude oil hasn't increased significantly, and the driller is struggling to reach the ambitious goal set by the government at 1.8 million barrels per day.

Pemex and its partners pumped 1.65 million barrels per day (bpd) of crude oil and gas condensates in the fourth quarter of 2012, roughly on par with the same quarter one year ago.

(source: Reuters)