Mexico's Pemex Posts $3.3B Q3 Loss Despite $41B Government Support

Pemex said its own crude hedges — run alongside a separate sovereign program — generated about $150 million as oil prices softened, and it also hedges gasoline and diesel to protect domestic refining margins. Nonetheless the company posted a third‑quarter 2025 net loss of roughly 61.24–61.25 billion pesos (about $3.3 billion), a marked improvement from the prior‑year quarter but a return to loss after mid‑year gains. Revenue fell about 11% to roughly 378.9 billion pesos as export and domestic fuel volumes declined; liquids output was around 1.65 million barrels per day and refineries processed just over 1.0 million bpd, while Pemex reported higher natural gas production. The smaller loss reflected lower cost of sales, fewer asset impairments and a foreign‑exchange gain, and was supported by a wave of government‑backed financing — including an $11.3 billion repo, a 250 billion‑peso supplier program, a bond tender and President Sheinbaum’s broader $41 billion support package. Pemex’s financial debt remains near $100 billion; state support has eased borrowing costs and lifted ratings but increases fiscal exposure and keeps Mexico’s energy reliability and public finances closely tied to the oil company’s performance.