Pemex loses about $574 million in the third quarter
The loss shrank from about $3.3 billion a year earlier, but a currency loss and higher duties kept the bottom line in the red.
Pemex, Mexico's state oil company, lost 10,795 million pesos (about $574 million, at 18.81 pesos per dollar on Oct. 29) between July and September, its quarterly results reportPDF shows. A year earlier the quarterly loss was 61,242 million pesos (about $3.3 billion), so the shortfall shrank 82.4%.
The improvement came from operations. Pemex swung from an operating loss of 12,884 million pesos (about $685 million) to an operating profit of 97,591 million pesos (about $5.2 billion). Sales rose 28.5% to 486,779 million pesos (about $25.9 billion), and EBITDA, which is earnings before interest, taxes, depreciation and amortization, reached 123,823 million pesos (about $6.6 billion), up 112.2%.
Three items still pushed the bottom line below zero. A weaker peso produced a currency loss of 16,391 million pesos (about $871 million), against a gain of 33,384 million pesos (about $1.8 billion) in the third quarter of 2025. Taxes and duties came to 63,600 million pesos (about $3.4 billion), up from 49,200 million pesos (about $2.6 billion), because they are set off the higher oil price. Derivative costs also rose.
| Item | 3Q25 | 3Q26 |
|---|---|---|
| Sales | 378,881 | 486,779 |
| Operating result | -12,884 | 97,591 |
| Currency gain (loss) | 33,384 | -16,391 |
| Net result | -61,242 | -10,795 |
| EBITDA | 58,359 | 123,823 |
Financial debt stood at $77.6 billion on Sept. 30, down 8.9% from $85.2 billion at the end of 2025. Short-term debt fell 43.5% from a year earlier.
Hydrocarbon output averaged 2,449 Mboe/d (barrels of oil equivalent a day, in thousands), up 2.6%. Crude processed at Mexico's refineries rose 13.8% to 1,143 Mb/d (barrels a day, in thousands), the highest since 2014, the company says.
Pemex's debt and losses weigh on Mexico's public finances, and its results swing with the dollar. For its foreign-currency debt, the report lists S&P at BBB with a negative outlook, Moody's at B1 stable and Fitch at BB+ stable.
