Pemex's debt fell to $77.6 billion, its lowest since 2014
The company's release cites more refining and a 49% jump in EBITDA, but does not say its net result through September is still a loss.
Pemex's financial debt fell to $77.6 billion, its lowest level since 2014, according to the state oil company's Press Release 87 of Monday, Nov. 9. The document summarizes the presentation by Director General Juan Carlos Carpio Fragoso to the Energy Committee of the Chamber of Deputies. The figures are the company's own and have not been audited by a third party.
Refineries processed 19.6% more crude in the 12 months through September 2026 than in the previous 12, while oil output held flat at 1.65 million barrels a day. Counting all hydrocarbons, measured in barrels of crude oil equivalent, production rose 3.4% to 2.417 million barrels a day.
More refining, fewer imports
The National Refining System processed 1.107 million barrels a day, and the Olmeca refinery went from 87,000 to 198,000. The company credits that for higher domestic sales and lower purchases from abroad.
| Indicator | Change |
|---|---|
| Gasoline output | +21.6% |
| Diesel output | +42.6% |
| Jet fuel output | +8.2% |
| Domestic sales of petroleum products | +10.9% |
| Gasoline imports | -12% |
| Diesel imports | -15% |
What the release leaves out
From January to September 2026, EBITDA (earnings before interest, taxes, depreciation and amortization) came to 385 billion pesos ($20.7 billion, at 18.5983 pesos per dollar on Nov. 9), up 49% from a year earlier. The net result "improved 14%," with no word on whether that means a profit or a loss.
It is a loss. The Mexican Institute for Competitiveness, working from unaudited quarterly reports through Oct. 30, puts the January-September loss at 38.8 billion pesos ($2.1 billion), against 45.1 billion pesos ($2.4 billion) a year earlier. The 14% improvement is, in other words, a smaller loss. The same analysis puts financial debt at 1,385 billion pesos ($74.5 billion), down 24.9% in a year.
The company paid 952 billion pesos ($51.2 billion) to suppliers and contractors between 2025 and September 2026. In 2027 it will need 64% less in federal contributions, and those will go only to paying down financial debt.
At the end of 2025, Fitch Ratings raised the company's rating from B+ to BB+ and Moody's lifted it from B3 to B1, both with a stable outlook. Carpio Fragoso said Fitch affirmed the BB+ in 2026. Pemex plans to invest more than 1.8 trillion pesos ($96.8 billion) of its own money between 2025 and 2030.
At the hearing, a lawmaker from the National Action Party put output at about 1.5 million barrels a day, according to the Chamber of Deputies release. The gap with the 1.65 million in Pemex's figures could come from the period and from what is measured; neither source spells it out.
The 64% cut in 2027 contributions can be checked against the 2027 federal budget.
