PEMEX Reports 1Q25 Financial Results, Supplier Debt

PEMEX reported a gross profit of MX$109 billion and an operating profit of MX$64 billion in 1Q25, reflecting improved profitability and tighter financial discipline, reports the state-owned oil company.

PEMEX attributed this performance largely to a 13% reduction in cost of sales, driven by stricter budgetary controls and more efficient resource use. The company’s EBITDA margin rose from 22.8% to 31.4%, the highest level since 2022. In currency terms, EBITDA increased by MX$32 billion compared to 1Q24.

Despite global volatility and exchange rate fluctuations, PEMEX maintained positive cash flow, it reported. A MX$15 billion exchange rate loss was reported in the quarter, reversing a MX$33 billion gain in 1Q24. However, this loss had no impact on the company's cash position.

PEMEX also reported a 20% reduction in supplier debt between December 2024 and March 2025. Monthly payments to suppliers averaged MX$50 billion during the first quarter.

In terms of operations, PEMEX reported average liquid hydrocarbons production of 1.615MM/bpd. Crude oil processing averaged 936M/bpd, while combined output of gasoline, diesel, and jet fuel reached 518M/bpd. The yield of refined products stood at 55.4%.

PEMEX reaffirms its plan to continue advancing strategic projects aimed at strengthening crude production to meet the supply needs of Mexico’s National Refining System and support the national goal of fuel self-sufficiency.

Institutional and regulatory changes also advanced during the quarter. Following the company’s formal transition to a State-Owned Public Enterprise, a new secondary legal framework was published on March 18. This framework includes mechanisms for private sector participation through joint development schemes.

On April 29, the Mexican government published the “Guidelines for Joint Development Schemes” in the Federal Official Gazette (DOF). These schemes aim to enhance PEMEX’s technical, operational, financial, and execution capacities by allowing collaboration with private partners.

PEMEX says that these results demonstrate its commitment to a more efficient and sustainable management approach, while continuing to address challenges related to declining field productivity and refining performance.