Balancing the books while scaling up the upstream and downstream will be testing for Pemex
Headwinds buffet Pemex’s upstream progress
The NOC had a better financial quarter in Q2 but will likely need significantly more money to hit upstream goals
Mexican state oil company Pemex may have boasted almost $4bn in net income over the past 12 months, but limited capex is making long-term upstream targets look doubtful. And the government’s obsession with the loss-making downstream continues to bite into Pemex’s profits. The NOC is clearly paying some attention to its upstream pledge and is lifting crude production, albeit only marginally. Pemex averaged 1.758mn bl/d for Q2, a 1.3pc jump over Q1 and 3.8pc over Q4 last year. The average price achieved by Mexico’s crude export mix also increased by almost 90pc year-on-year, helping offset some of the company’s recent heavy financial losses. And output from new fields continues to come online.
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
