The Mexican oil company celebrates government support as a success. In 2025, the government is estimated to have provided Pemex with around 800 billion pesos in support, including direct transfers, reduced tax burden, and schemes for paying suppliers. Petróleos Mexicanos closed the first year of Claudia Sheinbaum's government with a 13% decrease in its debt, bringing it to its lowest level in 11 years, and the company attributes this to a change in strategy. However, it continued to generate losses, though smaller than in 2024, and saw declines in production. According to the financial report published this Friday on the Mexican Stock Exchange (BMV), in the fourth quarter of 2025, it reported a loss of 147 million pesos, down from the 350.485 billion pesos reported in the same period of 2024. For the entire year, losses amounted to 45,201 million pesos, compared to the 780,587 million pesos reported the previous year. On the other hand, its financial debt was reduced by 13% compared to the end of 2024 and by 19% compared to 2018, standing at 85 billion dollars. Additionally, the Ministry of Finance carried out a series of financial operations to improve the debt profile and support the payment of maturities for this and next year. Sheinbaum praised Pemex's results but warned: "We will see if by 2027 it no longer requires support." In this regard, Juan Carlos Carpio, Pemex's Finance Director, informed analysts in a conference that 582 billion pesos were paid to suppliers and contractors last year, without providing information on the progress of the total debt. Challenges in production continue. However, the oil company is still struggling to improve production with larger investment projects, so the average production of liquid hydrocarbons was 1,648 thousand barrels per day (Mb/d), a decrease of 1.3% compared to 4Q24, due to natural decline and field deferrals, Pemex said. On the other hand, natural gas production reached 3,879 million cubic feet per day (MMcf/d), an increase of 7.4% driven by non-associated gas and new wells in Bakté and Ixachi, Pemex reported. In this vein, its fourth-quarter 2025 income from sales and services was 362.4 billion pesos, a 15.9% decrease compared to the same period in 2024. "This is not rhetoric, it's results. It's a promise, constant work; we are consolidating a stronger, more competitive company that honors its history," the executive told analysts, recalling that this has resulted in a better outlook from rating agencies. Although it should be noted that the same agencies maintain alerts regarding the burden Pemex represents for the goal of reducing the deficit in the Treasury, as last year's support for the oil company was the largest weight on public finances, limiting the deficit reduction to 4.3% in 2025. And while the Treasury said this year could be the last of support, sector specialists doubt this goal given the oil company's operational results. "This is not rhetoric, it's results." "Pemex demonstrates that it has the capacity to transform, order its finances, elevate its operational performance, and respond responsibly to the challenges of the energy environment." In this regard, Carpio guaranteed this Friday that productive investment will increase this year and assured that seven mixed investment contracts have already been awarded. He explained that six have already been signed and one is in the process of being signed, while there are three additional contracts "in a competitive process of open participation and new projects are being analyzed," said the finance director. Experts have also pointed out that these projects, which are not even half of the goal the government had for mid-year, will not contribute the necessary barrels to reach the two million barrels per day goal, and in the market, the mixed contracts have not been received with the best enthusiasm, particularly due to the control the State will have over these projects. "This variation is mainly due to lower export sales, affected by lower crude volumes and lower prices, partially offset by an increase in the volume and price of domestic sales of gasoline, diesel, fuel oil, and turbosine," the oil company detailed. And in fact, sales of the main fuels increased by 7% year-on-year, that is, 70 million additional barrels, "reflecting more efficient operation and concrete responses to the country's energy demand," said the company led by Víctor Rodríguez. "Pemex demonstrates that it has the capacity to transform, order its finances, elevate its operational performance, and respond responsibly to the challenges of the energy environment."
