PEMEX’s Refining Surges, Reports Quarterly Results

In 3Q24, PEMEX reached a milestone in its refining capacity, processing an average of 1.258MMb/d. This achievement represents a 100.31% increase compared to the end of 2018 and marks the highest volume recorded in the past 10 years.

Including operations at the Deer Park refinery, PEMEX's total crude processing averaged 1.258MMb/d. This volume signifies growth of over 100% since 2018 and an 18% increase compared to the same quarter last year. The National Refining System (SNR) averaged 962Mb/d between July and September 2024, reflecting a 53% cumulative growth under the current administration.

Carlos Lechuga, Director, PEMEX Transformación Industrial, noted a 24% annual performance increase for the SNR, driven by improvements at the Cadereyta and Salamanca refineries. The recently inaugurated Olmeca refinery contributed 56Mb/d.

The production of transportation fuels, including gasoline, diesel, and jet fuel, reached 491Mb/d, marking a 19% increase with an additional 77Mb/d. "In this administration, we will focus on improving the yields of high-value products to achieve and potentially exceed a distillate yield of around 60%," states Lechuga.

Operational Highlights

PEMEX's CEO, Víctor Rodríguez Padilla, highlights that the National Refining System, along with the Dos Bocas and Deer Park refineries and the coking units at Tula and Salina Cruz, ensure greater energy self-sufficiency for Mexico, access to cleaner fuels, and a stable income stream.

Dos Bocas, however, produced only 1.5Mb/d in September, an 85% drop from the previous month. Production at the flagship project remains low despite being inaugurated about three months ago following several delays.

Production and Financial Updates

From July 1 to Sept. 30, 2024, PEMEX's liquid hydrocarbon production averaged 1.764Mb/d, including condensates, with 31% (549Mb/d) coming from new developments, according to PEMEX's CEO.

Rodríguez Padilla noted that with federal government’s support, PEMEX managed to meet its debt obligations for the year, reducing debt to US$97.3 billion as of Sept. 30, 2024, the lowest level since 2016.

Strategic Planning

In coordination with the Ministry of Energy and the Ministry of Finance and Public Credit, and in line with the upcoming National Energy Plan, PEMEX will update its Business Plan. This update aims to strengthen the company's operations and financial position, integrating new projects and business opportunities to solidify PEMEX as a sustainable, modern public enterprise ready for future challenges, reported authorities.