MEXICO · ENERGY
Key Facts
- —Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 71.4 points (October 2026 edition).
- —What is happening Pemex lost about US$1.02 billion to fuel theft from January to September, 10% less than a year earlier.
- —Why it matters Pemex sends most of its exports to the United States, so its finances matter to US energy investors.
- —The numbers Third-quarter theft losses fell 26.6% to US$293 million; second-quarter losses had risen 20% to US$525 million.
- —Who is who Pemex, short for Petróleos Mexicanos, is Mexico’s state-owned oil and fuel company, owned by the federal government.
- —What to watch Pemex’s fourth-quarter report, and whether theft losses keep falling after the jump in the second quarter.
- —What it means for you US holders of Pemex debt should weigh theft losses against stronger refining; travellers face no change.
Mexico’s state oil company says fuel theft cost it about US$1.02 billion in nine months. That is 10% less than a year earlier, though the second quarter rose.
Pemex, Mexico’s state-owned oil company, booked MXN 18.218 billion (about US$1.02 billion) in losses from fuel theft between January and September 2026. The figure comes from the annexes to its third-quarter results, published on Friday, 30 October.
That is 10.0% below the MXN 20.246 billion (about US$1.13 billion) lost in the same months of 2025. Losses were lower in the first and third quarters, while the second quarter was worse than a year earlier.
What Pemex Reported
Pemex lists “pérdidas por sustracción de combustibles”, or losses from fuel theft, as a line inside its cost of sales. The annex gives the nine-month total, the third quarter and the change from 2025.
In July to September, theft losses were MXN 5.226 billion (US$293 million), down 26.6% from MXN 7.125 billion (about US$399 million). Dollar figures are Pemex’s own where it gives one, and otherwise use its September rate of 17.84 pesos per dollar.
Pemex’s own annexes for the first two quarters complete the picture. Losses were MXN 3.812 billion (US$211 million) in the first quarter and MXN 9.180 billion (US$525 million) in the second.
How the Losses Moved in 2026
The first quarter was 30.3% lower than a year earlier, which Pemex said in a statement on Saturday, 6 June. It rejected a social-media analysis claiming that about 100,000 barrels a day were being stolen.
The second quarter then rose 20.0% from MXN 7.650 billion (about US$429 million). The third quarter fell again, which left the nine-month total 10.0% lower.
What Fuel Theft Means in Mexico
Fuel theft is known in Mexico as huachicol, a slang word for stolen or adulterated fuel. Thieves often drill illegal taps into Pemex pipelines and draw off petrol or diesel.
Pemex’s 2025 annual report to US regulators says it identified 10,591 illegal pipeline taps in 2025 and 11,774 in 2024. It adds that measures with the federal government “have not resulted in sustained improvement”.
The same report describes a period of heightened criminal activity in Mexico, primarily due to drug cartels and related criminal groups. It says the growth of the illicit fuel market has increased theft of the fuels Pemex produces.
Why It Matters to US Readers
In 2025, Pemex sold MXN 397.5 billion (about US$22.1 billion) of exports to the United States, its annual report shows. That was 73.9% of its export sales and 26.0% of its total revenue.
Third-quarter operating profit was MXN 97.6 billion (about US$5.5 billion) on revenue of MXN 486.8 billion (about US$27.3 billion). Its financial debt was US$77.6 billion on 30 September.
Pemex still had a third-quarter net loss of MXN 10.8 billion (about US$605 million), down from MXN 61.2 billion (about US$3.4 billion). Theft losses are small next to its debt, but the money is gone.
What It Means for You
US investors in Pemex bonds should treat theft losses as one cost among many, next to debt and taxes. The company’s own figures show the third-quarter trend improving.
Drivers and travellers in the United States and Mexico face no change from this report. Related reading is Pemex Cuts Fuel-Theft Losses by 30% and Pemex and CFE Pension Costs Weigh on Mexico’s Budget.
More is on the Mexico hub and the Mexico City page. The company’s own results annexes are linked in the sources below.
What Is Not Known
Pemex’s annex gives the value of the losses but not the volume of fuel stolen in 2026. It also gives no count of illegal taps for this year.
An unnamed social-media analysis and Pemex disagree on how much fuel is taken, and Pemex says the analysis omits normal inventory movements. The report does not say which criminal groups are responsible.
Frequently Asked Questions
How much did fuel theft cost Pemex in 2026?
Pemex booked MXN 18.218 billion (about US$1.02 billion) in fuel-theft losses from January to September 2026. That is 10.0% less than a year earlier.
Did fuel theft losses rise or fall?
They fell over nine months, but not in every quarter. The second quarter rose 20.0% from 2025, while the third quarter fell 26.6%.
What is huachicol?
It is a Mexican slang word for stolen or adulterated fuel. It often refers to fuel drawn from illegal taps on Pemex pipelines.
Why does Pemex matter to the United States?
Pemex sold about US$22.1 billion of exports to the United States in 2025, 73.9% of its export sales. It also carries US$77.6 billion of financial debt.
Sources: Pemex, Annexes to the third-quarter 2026 results (3T26), 30 October 2026; Pemex, Third-quarter 2026 results report; Pemex, press release of 30 October 2026; Pemex, quarterly reports to Mexican and US financial regulators; Pemex, Annual report on Form 20-F for 2025, filed with the US Securities and Exchange Commission on 30 April 2026; Pemex, statement No. 59/2026 of 6 June 2026 (Mexican Stock Exchange filing).
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error