INSUBCONTINENT EXCLUSIVE:
The company reported a staggering loss of 161.4 billion pesos ($8.05 billion) in the third quarter of 2024.This figure more than doubles the
losses from the same period last year
fell by 21.2% and 25.2%, respectively
(Photo Internet reproduction)Natural reserve depletion and hurricane disruptions in the Gulf of Mexico played a role in this decline
As of September 2024, Pemex owed 1.91 trillion pesos ($95.31 billion).This amount, while daunting, represents a 6.4% decrease from the
However, the road ahead looks challenging.Pemex must navigate volatile oil markets and operational hurdles to regain its financial footing
The Mexican government continues to prop up the struggling oil giant.In the first half of 2024, Pemex received 145 billion pesos ($7.24
billion) in government support
This aid package included capital injections and tax breaks.However, this approach raises questions about the sustainability of state
intervention in the energy sector
and inefficiencies that privately-owned competitors can avoid
The company needs to increase production, manage its debt, and improve operational efficiency.At the same time, it faces pressure to meet
government expectations and contribute to national energy security
