Pemex Hemorrhages $3.3 Billion in Q3 2025 Despite Government Pouring in Rescue Funds

Mexico’s state oil company closed the third quarter of 2025 with a net loss of 61,242 million pesos (about $3.3 billion).

That is far smaller than a year ago—roughly a 62% improvement—thanks to cost cuts, lighter taxes, and a new wave of government-backed financing, even as softer crude prices pulled sales down.

The numbers tell a mixed story. Revenue fell 11% year on year to 378 billion pesos, but costs eased, leaving a positive gross result.

Operations were steady rather than spectacular: liquids output hovered around 1.65 million barrels per day, natural gas near 3,730 million cubic feet per day, and refineries processed roughly 1.0 million barrels daily with just over that level in products, about 62% of them higher-value fuels.

The company’s year has swung from a first-quarter loss to a second-quarter profit and back to a third-quarter loss, with financial debt near $98.8 billion at mid-year.

Pemex’s Recovery Still Runs on Mexico’s Balance Sheet

The story behind the story is dependence. Under President Claudia Sheinbaum, Pemex has leaned on the state to bridge cash gaps and calm creditors: a roughly $11.3 billion repo backed by U.S. Treasuries, a 250 billion-peso program to pay suppliers that kicked in September, and a bond tender of up to $9.9 billion.

Credit ratings moved up on the expectation that Mexico will keep standing behind its flagship company. That support lowers borrowing costs today—but it also ties Pemex’s fate even more tightly to the federal budget.

Why readers outside Mexico should care is simple. Mexico is a key crude supplier to U.S. Gulf Coast refiners, and Pemex’s reliability affects regional fuel flows and prices. At home, every extra peso required to stabilize the company is a peso that can’t go to other public priorities.

For suppliers and workers, the new payment program is a lifeline; for investors, the question is whether production stability and refinery reliability can improve fast enough to reduce the need for repeated state rescues.

The bottom line: Pemex is losing less money, but not because it has fixed its structural problems. Until output grows, refineries run more consistently, and debt pressures ease, Mexico’s budget will remain the safety net—and the risk.

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