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Pemex Reports Annual Loss of $30bn, Alongside $9.3bn Q4 Loss
February 28, 2025
Pemex’s financial woes deepened, with the company reporting a $30bn loss in 2024. It saw a massive $9.31bn loss in Q4 alone, its third consecutive quarter of a negative bottom-line. Pemex’s crude production has fallen to historic lows and its refining operations also facing setbacks. The company’s crude and condensate production fell by 10% in the final three quarters. Pemex borrowed ~$7bn from financial institutions in the final quarter in order to tend to about $20bn in outstanding payments owed to suppliers. Mexican President Claudia Sheinbaum has been in pursuit of a new law seeking private sector participation, profit sharing and streamlined permits to help Pemex, however, its effectiveness remains to be seen. Despite operational struggles, analysts have noted that government support for the company provides a cushion.
Pemex’s dollar bonds were trading stable, with its 6.625% 2035s at 80.63, yielding 9.63%.
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