The state-owned company Petróleos Mexicanos (Pemex) announced a net loss of 161.455 billion pesos (8.061 billion dollars) in the third quarter of 2024, representing a 104% increase compared to the same period last year, when the loss was 79.134 billion pesos (about 3.949 billion dollars).
In the company's quarterly financial report, a year-on-year decrease of 7.7% in total revenue was revealed, which slightly exceeded 426,000 million pesos (21.260 billion dollars) between July and September of the current year. Juan Carlos Carpio, Pemex's corporate finance director, pointed out that this decrease in revenue was mainly due to lower volumes of oil exported.
Pemex's exports suffered a decline of 17.8%, totaling 170.662 billion pesos (8.517 billion dollars), while domestic sales had a slight increase of 0.5% to 254.847 billion pesos (12.720 billion dollars). The company's total crude oil production decreased by 5.7% year-on-year, reaching 1.764 million barrels per day. Regarding natural gas, production also reduced by 6.8%, reaching 3.749 billion cubic feet per day.
Pemex's total financial debt, considered the most indebted oil company in the world, rose to 97.3 billion dollars, marking a 6.4% decrease compared to the end of 2023. These results correspond to the last quarter of Andrés Manuel López Obrador's administration (2018-2024), following the presidential elections in July.
Víctor Rodríguez Padilla, CEO of Pemex, announced that the new administration led by Mexican President Claudia Sheinbaum, which began operations on October 1, aims to improve the company's operational performance in all areas, from exploration to marketing. For his part, Carpio explained that by 2025, Pemex will receive budgetary support to strengthen its financial position and committed to maintaining constant communication with the Secretariat of Finance and Public Credit (SHCP) and the Secretariat of Energy to align with President Sheinbaum's National Energy Plan.
