The Mexican company Petróleos Mexicanos (Pemex) closed the third quarter of the year with a loss of 161 billion pesos, failing to meet its hydrocarbon production targets. During this period, Pemex only paid 6 billion pesos to the Treasury Department, in contrast to the 24.7 billion from the previous year.
Pemex's crude and condensate production reached 1.76 million barrels per day at the end of the third quarter, reflecting a year-on-year decline of 5.7%, below the target of 2 million barrels per day. The company attributed this setback to the natural decline of fields such as Maloob and Zaap, delays in marine infrastructure, adverse weather conditions, and delays in completing complex wells.
Pemex's director during the administration of Andrés Manuel López Obrador, Octavio Romero, faces this scenario. Throughout the administration, the oil company has accumulated financial losses and has reduced its debt, although it remains one of the most indebted oil companies globally and has lost its investment grade.
Pemex's finances were impacted by a foreign exchange loss of 130 billion pesos due to the depreciation of the peso against the dollar, and an asset impairment of 34 billion pesos. The company also reported a reduction in its debt, which stood at 97.309 billion dollars in the third quarter.
The president of Mexico, López Obrador, has supported Pemex with transfers of 145 billion pesos during the first nine months of the year. This scenario poses challenges for the company and its management in a context of restructuring and changes in the national oil industry.
