Petróleos Mexicanos (Pemex) reported on October 30, 2026 a net loss of 10,795 million pesos in the third quarter of the year, 82.4% lower than the 61,242 million recorded in the same period of 2025, according to the financial report that Expansión published that day. Total revenue reached 486,779 million pesos, an annual increase of 28.5%.
The result matters for Mexico because Pemex is one of the country's main state-owned companies and its balance sheet weighs on federal public finances. The breakdown published by Expansión attributes the loss to a foreign exchange loss of 16,391 million pesos, compared with a foreign exchange gain of 33,384 million a year earlier, and to a higher cost of derivative financial instruments of 8,900 million, more than triple the prior year. For the January to September period, IMCO documented losses of 38,800 million pesos, 14% less than in the same span of 2025. Bloomberg Línea notes that the federal government deployed financial support of 50,000 million dollars in 2025 and that Hacienda expects a smaller one for 2027.
The report also showed operational improvement: EBITDA reached 123,800 million pesos, 112.2% more than a year earlier, and financial debt stood at 77,600 million dollars at the end of September, 8.9% below the close of 2025. Amounts owed to suppliers and contractors totaled 414,218 million pesos, 5.1% less than in December 2025, after payments of more than 370,000 million during the year. On production, Pemex reported 1.64 million barrels per day of liquids, a decline of 0.4%; natural gas of 5,017 million cubic feet per day, an increase of 7.9%; and crude processing of 1.14 million barrels per day, 13.8% more.
The fourth-quarter report and the definition of budget support for 2027, which Hacienda anticipates will be smaller, are the next reference points. In the short term, the exchange rate and the cost of derivatives are the variables that explain the gap between the operating and net results, according to the third-quarter breakdown.
This article was written with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.