Pemex Sees Steady Oil, More Refining Output in Third Quarter

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

Pemex reported a net loss for the third quarter, while maintaining stable hydrocarbon production and increasing its refining output.

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Tough Luck on Costs

Mexico's state-owned energy giant Petróleos Mexicanos (Pemex) reported a net loss of 10.8 billion Mexican pesos (US$605 million) in the third quarter, compared to a net loss of 61.2 billion Mexican pesos (US$3.3 billion) during the same quarter last year.

The net loss stemmed from several factors, including higher costs tied to derivative financial instruments, which totaled 8.9 billion Mexican pesos (US$500 million). The company also was affected by higher product purchases, higher taxes and duties, and a foreign-exchange loss.

Upstream Operations

Despite the financial results, Pemex recorded liquid hydrocarbon output of 1.64 million barrels per day (bpd) of oil in the third quarter, including condensates and partners production, down 0.4% from the same period last year. The company has kept production near 1.65 million bpd over the past year, suggesting a stabilization in liquids production.

Heavy crude production remained the dominant category, accounting for 49% of output, followed by light crude at 24%, condensates with 19% and extra-light crude at 8%.

The Ku-Maloob-Zaap complex remained the largest oil-producing complex for Pemex, accounting for 32% of the total liquid volumes. Industrial Info Resources offers more information on Ku-Maloob-Zaap in its Global Market Intelligence (GMI) Oil & Gas Plant Database, where readers can find details in a related list of plant profiles.

Meanwhile, natural gas production reached 4.09 billion cubic feet per day (bcfd) in Q3, a 9.8% increase from the same period in 2025.

During the quarter, Pemex accelerated development of fields such as Ixachi and Bakte, while improving well efficiency to reduce the natural decline of fields such as Zaap, Tupilco Profundo, Yaxché, Quesqui and Balam.

As part of the efforts to increase production, the company completed 21 development wells, four exploratory wells and 36 major workovers.

Industrial Info Resources is tracking 352 Pemex oil and gas production projects in Mexico, representing US$8.36 billion in investments. Of those, 47 projects, worth US$4.4 billion, are grassroots developments aimed at increasing the company's production. Subscribers can consult detailed lists of reports for Pemex projects in Mexico.

Among the biggest projects by investment are the development of the Zama field and the Tlatitok Sejkan cluster.

Downstream Operations

In the third quarter, Pemex refined crude at a pace of 1.14 million bpd across its seven domestic refineries, a 13.8% increase from the same period in 2025. The increase was driven by stronger operations at the Olmeca Dos Bocas Refinery, which began production in 2024, averaging 227,000 bpd in Q3, below its 340,000 bpd nameplate capacity.

Subscribers can learn more about Dos Bocas in a detailed plant profile.

The ramp-up of Dos Bocas is part of Pemex's strategy to increase domestic fuel production and decrease import dependency. In the third quarter, the company produced 1.16 million bpd of petroleum products, led by gasoline at 399,000 bpd, followed by diesel at 290,000 bpd and fuel oil at 193,000 bpd.

In recent years, Pemex has invested in refurbishing its refineries to produce more and cleaner fuels. Industrial Info Resources has mapped 156 Pemex refining projects in Mexico worth US$2.76 billion. These include turnarounds, unit additions, revamps, and upgrades. Subscribers can consult a list of project reports.

The largest project by investment in Industrial Info Resources' database is the proposed, 650 MW combined-cycle plant at the Tula Refinery, though the project is rated under low probability so far by Industrial Info. Among the largest high-probability projects are the addition of a delayed coker unit at the Salina Cruz Refinery and a diesel hydrotreater unit at Tula.

Subscribers can read detailed reports on the Tula plant, Salina Cruz coker and Tula hydrotreater.

Key Takeaways

• Pemex recorded a net loss of 10.8 billion Mexican pesos (US$605 million) in the third quarter.
• Liquids production in the third quarter averaged 1.64 million bpd, with heavy crude accounting for 49% of volumes.
• Crude processing across Pemex's Mexican refineries averaged 1.14 million bpd in the third quarter.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news, and analysis on the industrial process, manufacturing, and energy-related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified, and verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).