Pemex profits plunge 70% in second quarter despite increased refining

Petróleos Mexicanos (Pemex) announced a significant 69.7% drop in its net profit for the second quarter of 2026, a stark contrast to the previous year's earnings. The state-owned oil giant's net yield fell to 18 billion pesos from over 59 billion pesos in the same period of 2025.

Despite the profit decline, Pemex highlighted positive operational performance. The company processed more crude oil, increasing industrial transformation by 2.9% within the National Refining System. This led to a 9.8% surge in domestic sales of oil products, with gasoline sales up 11.4% and diesel sales climbing 19.1%. Pemex emphasized its role in supplying strategic products for transportation, logistics, industry, and national consumption.

In terms of financial discipline, Pemex reported a 9.1% reduction in its debt by June 30, 2026, bringing it to 77.5 billion pesos. The company also strengthened its financial structure by decreasing the proportion of short-term debt to 16% of the total. These financial maneuvers occurred amidst what Pemex described as an "international environment of energy volatility."

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In an international environment of energy volatility, the company maintained the continuity of its operations, registered higher levels of industrial transformation, attended to the supply of the national market, and followed up on its financial objectives.