During the six-year term of former President Andrés Manuel López Obrador, Petróleos Mexicanos (Pemex) recorded an accumulated loss of 1.3 trillion pesos, with profits only in two of the six years of Octavio Romero Oropeza's administration, according to the company's financial reports. In 2022 and 2023, Pemex reported profits of 100 billion and 109 billion pesos, respectively, largely due to the reduction in tax payments. However, in the years 2019, 2020, and 2021, as well as in the first nine months of 2024, it reported significant losses.
In the third quarter of 2024, Pemex recorded losses of 161 billion 455 million pesos, the largest deterioration in a similar period since 2016. An economic analyst explained that the poor figures are due to a foreign exchange loss of 130 billion pesos and lower hydrocarbon sales, with a drop of 107 thousand barrels per day in hydrocarbon production.
In light of this situation, Pemex is working on a new tax regime with the Ministry of Finance that allows the company to contribute to public finances by recognizing its new reality. The CEO of Pemex indicated that actions will be implemented to reduce costs, increase revenues, cancel subsidies, among others, aimed at strengthening the financial position of the company.
Experts agree on the need for an operational and financial reform at Pemex, highlighting that the company will require considerable resources to reverse the decline in production. Despite this, they trust in the continued support of the government to ensure the financial stability of the oil company in the future.
The new administration of Pemex plans to establish strategies to strengthen its financial position, ensuring the continuity of government support. As of September 2024, the company has managed to make payments in millions of pesos to suppliers and contractors. Despite financial challenges, it is proposed to carry out projects within the same budget, and the possible participation of private investment in the sector is being evaluated.
