Petróleos Mexicanos (Pemex) reported that during the year 2024 it experienced significant losses, amounting to 620 billion 605 million pesos, marking its largest decline since 2015, when the company lost more than 712 billion pesos. In the last quarter of the same year, the oil company reported red numbers of 190 billion 502 million pesos, according to the report presented to the Mexican Stock Exchange (BMV).
Juan Carlos Carpio Fragoso, corporate finance director of Pemex, explained that the losses in 2024 were due to exchange rate variations and asset deterioration. "In 2024, there was a loss due to exchange rate variation of 304 billion pesos, resulting from the depreciation of the peso against the dollar, as well as asset deterioration of 55 billion pesos, which together explain most of the net result for the period, but do not involve cash outflows from the company," he pointed out.
Despite this, Carpio Fragoso highlighted that by isolating non-monetary factors, the tax burden, and the cost of debt service, Pemex remains profitable, with an EBITDA margin that reached 15 percent on total sales. The company also detailed that at the close of 2024, its debt balance rose to 97 billion 632 million dollars, representing a 7.9 percent annual decrease.
Jorge Alberto Aguilar, corporate director of Planning, Coordination, and Performance, acknowledged that Pemex is facing a challenging situation. He indicated that the company is working closely with the Ministry of Energy and the Ministry of Finance and Public Credit to strengthen itself under a strategy defined in six axes.
Among the measures aimed at improving the financial situation of the company, it was highlighted that Pemex will continue to receive economic support from the federal government, with an allocation of 136 billion pesos from the 2025 Federal Expenditure Budget to pay market debt amortizations. In addition, financial schemes will be implemented to address commercial and financial debt, especially with suppliers and contractors, which amounted to 506 billion 153 million pesos by the end of last year.
It is expected that the new tax regime applicable to Pemex will provide financial stability to the company in the medium term. The oil company will also be able to take advantage of a debt ceiling to access better financing conditions provided by the Government of Mexico, as established in the 2025 Federal Revenue Law.
