Pemex Swings Back From Losses in Q2

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

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Summary

Pemex returned to positive net income, driven by higher oil prices and a better foreign exchange rate. Oil production remained broadly stable in the second quarter at 1.65 million bpd, while crude refining declined quarter-on-quarter despite increasing from the same period last year.

Loss to Gain

Pemex recorded net income of 18 billion Mexican pesos (US$1.04 billion) in the second quarter of 2026, swinging back from a 46 billion-peso (US$2.66 billion) loss in Q1. Compared to the same period last year, net income dropped by 69.7%. The Q2 recovery was largely supported by higher oil prices and sales and a positive foreign exchange rate from the peso's appreciation against the U.S. dollar.

Industrial Info Resources data shows 367 Pemex oil and gas production projects in Mexico, totaling US$7.75 billion in investments. This year, the company has forecast capital investments of 81.7 billion pesos (US$4.72 billion) in exploration and extraction, with 26.9 billion pesos (US$1.55 billion) spent by June.

Production Figures

Despite the positive financial results, oil and condensates production remained largely unchanged quarter on quarter, averaging 1.658 million barrels of oil per day (bpd), while volumes rose 1.7% year on year.

Heavy crude remained Pemex's largest production share, accounting for 49% of volumes, followed by 24% of light crude, 9% of extra-light and 18% of condensates.

The yearly increase in oil production resulted from higher output from Ixachi, Bakte, Itta, Koban, and Maloob. The Ku-Maloob-Zaap (KMZ) complex remained Pemex's largest producing asset, accounting for 32% of production. However, its volumes have droped for years due to natural declines.

Meanwhile, about 63% of Pemex's oil production came from offshore assets, driven by KMZ and the Litoral de Tabasco fields.

For natural gas, Pemex recorded volumes of 4.006 billion cubic feet per day (Bcf/d), an 11.5% year-on-year increase driven by higher output from Bakte and Ixachi. Associated gas accounted for 41% of Pemex's production, while the rest came from non-associated production.

Throughout the quarter, Pemex completed 35 wells--34 development wells and one exploratory well--22 more than the same period last year.

In downstream operations, Pemex averaged a crude processing rate of 1.008 million bpd during Q2, up 2.9% from the same period last year and below the 1.141 million bpd recorded in Q1.

For oil product volumes, Pemex produced 1.029 million bpd of fuels in Q2, a 3.4% increase from the same period last year. Gasoline led Pemex's output, accounting for 350,000 bpd, followed by diesel at 255,000 bpd and fuel oil at 191,000 bpd.

In refining, Industrial Info Resources is tracking 150 Pemex projects totaling US$2.73 billion in investments. For this year's Pemex budgeted 32.4 billion pesos (US$1.87 billion) for industrial processing capital spending, which includes downstream facilities investments.

Key Takeaways

• Pemex recorded net income of 18 billion Mexican pesos (about US$1.04 billion) in Q2, rebounding from a 46 billion pesos loss (US$2.66 billion) in Q1.
• Pemex produced 1.658 million bpd of oil in Q2, a 1.7% year-on-year increase.
• The company's crude processing averaged 1.008 million bpd in Q2, while gasoline was the largest refined-product category at 350,000 bpd.

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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 validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).