PEMEX’s Gasoline Output Surpasses Fuel Oil in 4Q24

PEMEX saw gasoline and diesel production exceed fuel oil output in 4Q24, signaling a shift in refining trends. In December, gasoline production reached 307Mb/d, diesel 202Mb/d, and fuel oil 181Mb/d. This marks a significant decline in fuel oil output compared to earlier in the year when it peaked at 312Mb/d in January.  

Throughout 2024, PEMEX processed an average of 905Mb/d of crude across its seven refineries, falling short of its mid-year target of nearly 1.2MMbp/d. This represented just 46% of the company’s total refining capacity, including the Olmeca (Dos Bocas) refinery, and was 23% below the previous administration’s target. Despite investing MX$72 billion (US$3.477 billion) in refinery upgrades, PEMEX’s six legacy refineries operated at an average of 882.187Mb/d, reaching only 53.7% utilization, below the 61% goal set by President Andrés Manuel López Obrador.  

In December, refinery production levels varied:  

- Cadereyta: 133.701Mb/d  

- Madero: 102.959Mb/d  

- Tula: 162.330Mb/d  

- Salamanca: 130.220Mb/d  

- Minatitlán: 124.781Mb/d 

- Salina Cruz: 178.101Mb/d  

- Dos Bocas: 43.178Mb/d  

Total refinery throughput in 4Q24 surpassed 875Mb/d, the highest since 2016. However, PEMEX remained below its original 2024 goal of 1.181MMb/d, with the Olmeca refinery expected to contribute 177Mb/d.  

The Olmeca refinery has struggled to ramp up operations. Initially expected to begin production in July 2022, the facility started processing crude in June 2024. It reached 65.406Mb/d in July, representing 19% of its 340Mb/d capacity, but performance fluctuated significantly. Utilization peaked at 25% in August before dropping to 5% in September, with no processing recorded in October. By December, throughput was 43.178Mb/d, down from November’s 59.466Mb/d, reducing utilization to 13%.  

Despite an investment exceeding US$18 billion, potentially surpassing US$24 billion, Dos Bocas processed just 23.275Mb/d on average in 2024, amounting to only 6.8% of its full capacity. PEMEX had set a target of 177Mb/d for the refinery in 2024, but the facility has yet to approach this level.