Pemex Q3 results showed a much smaller loss for Mexico’s state oil company, helped by higher oil prices and busier refineries. Petróleos Mexicanos (Pemex) posted a net loss of MXN10.8bn ($605mn) for the third quarter of 2026. That was 82% smaller than the MXN61.2bn ($3.43bn) loss a year earlier. The company reported on Friday 30 October 2026.
However, it was a return to the red after a net profit of MXN18bn ($1.01bn) in the second quarter of 2026. Meanwhile, revenue rose 28.5% to MXN486.8bn ($27.3bn). Over the first nine months, the loss narrowed 14% to MXN38.8bn ($2.17bn).
Higher oil prices lift the Pemex Q3 results
The price of the Mexican export mix rose 38.7% to an average of $85.38 a barrel. That compares with $61.56 a year earlier, as tension in the Middle East pushed crude higher. In addition, domestic fuel sales grew strongly.
As a result, operating income reached MXN97.6bn ($5.47bn). A year earlier, Pemex made an operating loss of MXN12.9bn (about $722mn). Pemex said that was an improvement of more than MXN110bn (about $6.2bn). EBITDA came to about MXN124bn ($6.95bn) in the quarter.
So why do the Pemex Q3 results still show a net loss? Chief financial officer Elizabeth González pointed to a currency loss of MXN16.4bn ($919mn). She also cited higher costs on derivatives and the payment of the new “petroleum duty for wellbeing”. Even so, she said operating results “significantly improved” the bottom line.
Refineries run hardest since 2014
Operationally, crude processing rose 13.8% to 1.143mn b/d. According to Pemex, that is its highest level since 2014. Output of petroleum products rose 15.5% to 1.157mn b/d. Within that, gasoline rose 15.9% and diesel 23.3%.
Domestic sales of petroleum products also rose 13.5%. Moreover, combined gasoline and diesel sales grew 18.0% to their highest level since 2018. “The company continues to move in the right direction,” chief executive Juan Carlos Carpio said, EFE reported.
Oil output slips, gas rises
In contrast, upstream output gave a mixed picture. Liquids production fell 0.4% to 1.642mn b/d. Natural gas output, however, rose 7.9% to 5.02bn cubic feet a day, helped by the Bakté and Ixachi fields. Total hydrocarbon production rose 2.6%.
Pemex Q3 results: debt keeps falling
Pemex ended September 2026 with financial debt of $77.6bn. That is about 9% lower than at the end of 2025. Furthermore, short-term debt fell 43% to $11bn, from about $19bn.
The company also paid suppliers and contractors more than MXN370bn ($20.7bn) in the first nine months. Its balance owed to suppliers fell by MXN103bn (about $5.8bn) on a year earlier. In addition, Pemex said the finance and energy ministries will run support schemes for suppliers in the last quarter of 2026.
What it means
Lower debt matters to bond investors, who have long worried about Pemex finances. The refining gains in the Pemex Q3 results mirror those of the oil majors. For example, Chevron’s Q3 2026 results also showed record refinery runs. Still, falling oil output remains Pemex’s biggest long-term weakness.
What comes next
Next, investors will watch whether Pemex keeps refinery runs high and reduces fuel imports. They will also track supplier payments and any new government support in the fourth quarter of 2026.
