PEMEX’s 2024 Financial Results Highlight Stability, Less Revenue

PEMEX released its preliminary operational and financial results for 4Q24, outlining strategies to strengthen its financial position and production capacity.

Total sales in 2024 declined by 2.6% compared to 2023, while the cost of sales increased by 4.4%, resulting in a gross profit of MX$182 billion (US$8.96 billion). The company attributed part of its financial challenges to the depreciation of the Mexican peso against the US dollar, which increased the reported value of its debt in pesos.

Despite these currency fluctuations, PEMEX maintained its zero net debt growth policy. As of Dec. 31, 2024, the company’s total debt stood at US$97.6 billion, representing an US$8.4 billion reduction from the previous year. PEMEX stated that it is working with Mexico’s Ministry of Energy and Ministry of Finance on a financial strategy aimed at improving its position and supporting operational projects.

This strategy includes federal budget support, debt management, fiscal policy changes, and improved payment conditions for suppliers and contractors. The Mexican government has allocated MX$136 billion in the 2025 federal budget to cover PEMEX’s debt amortizations. Additionally, the government has proposed a fiscal reform that would replace existing hydrocarbon taxes with a new levy, providing more financial stability for PEMEX.

Operationally, PEMEX reported an average liquid hydrocarbon production of 1,759Mb/d in 2024, a decrease of 116Mb/d from 2023. However, the company has identified strategic projects to increase production and ensure sufficient crude supply for the National Refining System. Crude processing reached 906Mb/d in 2024, an increase of 114MB/d from the previous year, attributed to refinery rehabilitation efforts.

PEMEX also highlighted advances in sustainability, reporting a 6.6% reduction in carbon dioxide equivalent emissions in 2024, totaling 57 million metric tons. The company stated that these reductions result from ongoing energy efficiency projects and improved gas and resource management.

Moving forward, PEMEX plans to focus on increasing the production of high-value distillates such as gasoline, diesel, and jet fuel, as well as enhancing its fertilizer and petrochemical industries. The company emphasized its commitment to sustainability, stating that environmental, social, and governance (ESG) initiatives will strengthen its investor base and open access to new financing sources.