Pemex has managed to pay 332 billion 470 million pesos to suppliers and contractors until September 2024, committing to settle all its debts in the coming months. The company reported a net loss of 161 billion 455 million pesos during the third quarter of 2024, the largest since 2015, according to its financial report submitted to the Mexican Stock Exchange.
Octavio Romero Orozco, who was the CEO of Pemex during the previous six-year term, left the company amid red numbers. From January to September 2024, financial losses amounted to 430 billion 102 million pesos. During Romero Orozco's tenure, Pemex only had profits in 2022 and 2023, with respective earnings of 100 and 109 billion pesos. The years 2019, 2020, and 2021 ended with losses, and 2024 is also expected to close in the negative.
In the third quarter of 2024, Pemex's revenues were 426 billion 121 million pesos, showing a decrease of 7.7% year-on-year, while the cost of sales slightly increased to 380 billion 736 million pesos. Juan Carlos Carpio Fragoso, Pemex's corporate finance director, mentioned that the new management of the company will work together with the Secretariat of Finance and Public Credit to strengthen its financial position. They will seek to maintain the net debt zero target, with debt at the end of the third quarter of 2024 standing at 97 billion 309 million dollars, representing a reduction of 8.2% compared to the end of 2023.
The company will design and implement strategies to manage its liabilities in the future.
