Pemex clawed back more than $12bn in profits over Q1 and Q2 of 2022
Pemex reverses production decline
Mexico’s leading energy provider enjoyed a strong quarter but will have to overcome hurdles to achieve its upstream objectives
This year is proving a welcome reprieve for Mexican NOC Pemex, the world’s most heavily indebted oil and gas company. After posting almost $11bn in losses last year, the firm clawed back more than $12bn in profits over the first two quarters of 2022 and is also starting to see a reversal in its upstream fortunes. Crucially for the government, slumping crude production appears to have stabilised. By year-end Pemex expects to reach 1.83mn bl/d of output, which would represent a 4pc rise year-on-year and a c.12pc increase since volumes bottomed out in 2019. 1.83mn bl/d – Pemex’s year-end production target Under former President Enrique Pena Nieto, Pemex’s crude output went from bad to w
Also in this section
15 December 2025
As contradictory as it might seem, US oil output has continued to grow over the last several years, even as drilling in the shale plays has maintained a slow decline. This improbable dichotomy is a testimony to the industry’s technological prowess
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
