Pemex Says it Cut Debt by 13% in 2025, Dropping it to the Lowest Level in 11 Years

Mexican state owned oil company on Friday reported a 147-million-peso ($8.5 million) net loss in the fourth quarter, down more 58% from a 350.4-billion-peso loss a year earlier. The company also said it reduced its debt by 13% year-to-year to the lowest level in 11 years.

“We have achieved outstanding results that reinforce the strength of Pemex’s future,” Executive Director Víctor Rodríguez Padilla said on a call to discuss the fourth-quarter financial results.

Pemex attributed the improved performance to a comprehensive debt and liquidity management strategy, a reduction in its cost of sales, lower impairment of fixed assets, a positive exchange rate, partially offset by lower sales.

Pemex also reported a 2025 net loss of 45.2 billion pesos, down from 780.5 billion pesos in 2024.

Chief Financial Officer Juan Carlos Carpio said Pemex’s financial strategies over the past year have been focused on reducing debt, paying suppliers, improving its credit rating and returning to the local capital markets.

The company’s financial debt stood at $85.2 billion as of Dec. 31, down 13% year to year, driven by bond buybacks and early debt repayments carried out in the fourth quarter that reduced the Pemex’s maturity profile over the next three years.

In 2026, the company was scheduled to pay down $18.2 billion in debt, but prepaid $4.8 billion of that obligation last year, trimming the outstanding balance to $13.4 billion. It also prepaid $4.7 billion and $2.2 billion in loans set to mature in 2027 and 2028.

“These achievements are the result of close, coordinated and strategic work with the Treasury Ministry and the Energy Ministry,” Carpio said, referring to
$11.3 billion in financial support it received from the government last year..

In addition, Pemex said it paid 582 billion pesos to suppliers last year, including about 192 billion pesos from a 250-billion-peso fund provided last year by the National Development Bank. That left it supplier debt as of Dec. 31 at 434.4 billion pesos, down about 14% from December 2024.

“This guarantees Pemex’s operational continuity, strengthens the resilience of its supply chains, and provides certainty and confidence to all the companies that work with us,” said Rodríguez Padilla told analysts.

The company reported Q4 domestic sales of its main fuel rose 6.8% year-to-year, adding that such sales accounted for about 70% of total sales.

Carpio added that Q4 sales of regular gasoline rose 6% year to year, or about 30,000 b/d, while premium gasoline increased 7%, or 11,000 b/d. Diesel sales rose 11% and SAF sales increased by 4%.

Exports sales in the quarter dropped 42.5% year to year to 108.6 billion pesos, contributing to a rough; y 16% year-to-year drop in total sales and services revenue to 364.2 billion pesos.

Pemex said it produced an average of 1.64 million b/d crude oil in the quarter, down 1.3% from the same period of 2024. It finished the year at an average production rate of 1.635 million b/d, down 7% from 2024.

2025 was the first full year of Pemex operations under Mexican President Claudia Sheinbaum, who took power in October 2024 and appointed Rodríguez Padilla as the company’s executive director.

Reporting by José Luis Adriano, jadriano@opisnet.com; Editing by Karla Omaña, komana@opisnet.com; and Jeffrey Barber, jbarber@opisnet.com