What were the key drivers behind Pemex's $1 billion quarterly profit in Q2 2024?

Pemex's $1 billion (18 billion peso) profit in the second quarter ended June 30 was driven primarily by higher global oil prices amid US–Iran tensions in the Strait of Hormuz, increased sales, a 1.7% year-on-year rise in crude and condensate production to 1.66 million barrels per day, and a nearly 12% increase in natural gas output to over 4 billion cubic feet per day, along with higher crude processing volumes.

What is the current status of Pemex's debt and government financial support as of mid-2024?

As of June 30, 2024, Pemex's total financial debt stood at $77.5 billion; although it has been reduced over the past year, it remains far from financial self-sufficiency — a goal President Claudia Sheinbaum aims to achieve by 2027. Since taking office, Sheinbaum has provided over $40 billion in financial support, and the government has budgeted $14 billion this year to cover Pemex's debt obligations, though Finance Minister Edgar Amador ruled out additional state funds for the remainder of 2024, even as Fitch Ratings expects further support to cover an estimated $10 billion operating shortfall by year-end.

Pemex Swings to $1 Billion Profit Buoyed by High Oil Prices

Jul 31, 2026

Pemex reported a $1 billion second-quarter profit driven by higher global oil prices, marking its first quarterly gain since last year. The state-owned oil giant continues to seek private partnerships to address massive debt and declining production levels.

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Pemex Swings to $1 Billion Profit Buoyed by High Oil Prices

Pemex Swings to $1 Billion Profit Buoyed by High Oil Prices

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