LatinNews Daily - 02 March 2026

*Mexico’s state-run oil company Petróleos Mexicanos (Pemex) has released its year-end financial results, showing an annual net loss of M$45.2bn (US$2.6bn), down from a loss of M$780.6bn in 2024. In the fourth quarter alone, the oil company reported a loss of M$155.2m, down from a loss of M$350.5bn registered in the final quarter of 2024. Pemex stated this improvement was explained by the reduction in cost of sales (-31.6% year-on-year); lower impairment of fixed assets; lower taxes and duties (these totalled M$43.1bn compared to M$205.3bn in the same period of 2024); foreign exchange gains of M$42.2bn, compared to losses of M$48.0bn in Q4 2024; and positive returns on derivative financial instruments. However, these effects were partially offset by lower sales, with income from sales and services totalling M$362.4bn in Q4 2025, down 15.9% year-on-year. In a statement, the company highlighted that it had closed 2025 with its lowest amount of debt in 11 years at M$85.2bn, down 13% on the end of 2024. Pemex said this was thanks to the “integral strategy of capitalisation and financing” that has been developed by the finance ministry (SHCP). It noted that “planned refinancing and bond repurchase operations” had softened debt repayments between 2026 and 2028, reducing refinancing risk and leading to an increase in credit ratings from Fitch and Moody’s. The ratings companies cited efforts by the government of President Claudia Sheinbaum to support the company in meeting its financial obligations when increasing their ratings, including a 2025-2035 strategic plan for the company.

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