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Bond Market News
Pemex Reports $2.1bn Loss in 1Q25
May 2, 2025
Pemex reported an 11.3% drop in crude and condensate production in 1Q2025, leading to a net loss of MXN 43.3bn ($2.12bn). The decline was attributed to aging wells and delays in new well completions. Revenue fell by 2.5% to MXN 395.6bn ($20.1bn) due to lower sales volumes and its financial debt reached $101.1bn. Pemex produced 1.62mn barrels per day (mbpd), with refining down 5% to 936,000 bpd. In the first quarter, Pemex completed fewer wells than in 2024, raising concerns about its mounting debt to suppliers, which had reached $19.9bn. The company received MXN 80bn ($4.1bn) in government support during the quarter, primarily to reduce debt. President Claudia Sheinbaum aims to increase Pemex’s production to 1.8mbpd by year-end, although older fields are depleting faster than new discoveries can compensate. The company is also working on joint ventures with private firms to boost production. Additionally, the company is seeking solutions with the Finance Ministry to manage its liabilities while continuing to make payments to suppliers.
Pemex’s bonds traded stable with its 6.875% 2026s at 98.7, yielding 7.96%.
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