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Bond Market News
Pemex’s Losses Narrow in 2025
March 2, 2026
Pemex reported an annual loss of MXN 45.2bn ($2.6bn) in 2025, narrowing from a massive $30bn loss in 2024. Looking at Q4 alone, its losses narrowed to only MXN 155.2mn ($9mn) as compared to an MXN 350bn ($20.3bn) loss in the same quarter a year ago. Mexico has helped pump-in over $41bn into Pemex to help manage its massive debt payments, payroll costs and its loss-making refining business. The nation aims to make Pemex self-sufficient by 2027. On the positive side, Mexico’s assistance has helped lower Pemex’s total financial debt to its lowest level in 11 years, standing at $85.2bn at end-2025. Besides, Pemex is allocating MXN 291.4bn ($16.9bn) for capex this year as the government’s support has freed up cash for the company. Its executives said that the company does not forsee a need to issue bonds, refinance or conduct other liability management exercises in the near future.
Pemex’s dollar bonds were trading stable with its 5.95% 2031s at 98 cents on the dollar, yielding 6.4%
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