Pemex loses 46 billion pesos in first quarter due to lower sales

State-owned oil giant Petróleos Mexicanos (Pemex) has announced a significant financial setback, reporting a net loss of 46 billion pesos (approximately $2.3 billion USD) for the first quarter of 2026. This figure represents a worsening of the financial situation compared to the same period in 2025, when the company posted a loss of 43.3 billion pesos. The results, submitted to the Mexican Stock Exchange, paint a grim picture of the company's current performance under the leadership of Víctor Rodríguez Padilla.

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Durante el primer trimestre, Pemex registró una pérdida neta de 46.0 mil millones, en comparación con la pérdida neta de 43.3 mil millones registrada en el primer trimestre de 2025.

The primary drivers behind this increased deficit are multifaceted. A notable decline in sales has significantly impacted revenue streams. Furthermore, Pemex experienced an increase in the impairment of its fixed assets, suggesting that some of its infrastructure or investments have lost value. Other income also decreased, further contributing to the overall negative financial outcome. These factors were compounded by an increase in costs related to financial derivatives and a rise in exchange rate losses.

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Los principales factores que contribuyeron a este resultado fueron: una disminución en ventas; un incremento en el deterioro de activos fijos; una disminución en otros ingresos.

Despite these challenges, some elements partially mitigated the overall loss. A decrease in the cost of sales, along with reductions in other expenses, taxes, and financial costs, provided some relief. Additionally, financial income saw an increase. However, the company's financial statements also highlighted a substantial currency exchange loss of 8.9 billion pesos, attributed to the depreciation of the Mexican peso against the U.S. dollar during the first quarter of 2026, a trend that mirrored the previous year.

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Así como disminuciones en: otros gastos, en impuestos y derechos; disminución del costo financiero; y finalmente, un incremento en el ingreso financiero.

From a Mexican perspective, the continued financial struggles of Pemex are a major concern. As a cornerstone of the national economy, Pemex's performance directly impacts government revenue and the country's overall economic stability. The recurring losses raise questions about the company's long-term viability and the effectiveness of current management strategies. While the government often touts Pemex's strategic importance, these financial reports underscore the deep-seated challenges the company faces, prompting debate about necessary reforms and the sustainability of its current operational model.

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Esta variación se debió a la depreciación del peso mexicano frente al dólar estadounidense observada en el primer trimestre de 2026 (1T26), al igual que en el mismo periodo del año anterior.