MEXICO CITY.— Petróleos Mexicanos (Pemex) registered a net loss of 161 thousand 455 million pesos during the third quarter of 2024, which represented its largest loss for a similar period since 2015, according to the financial report delivered to the Mexican Stock Exchange (BMV).
This way, Octavio Romero Oropeza said goodbye to the Mexican oil company, of which he was general director during the last six-year term, sailing in notable red numbers, since in the accumulated period between the months of January-September 2024, the financial losses amounted to 430 thousand 102 million pesos.
The six-year count of Romero Oropeza’s administration only showed profits in 2022 and 2023, with profits of 100 and 109 billion pesos, respectively.
Pemex loses 161,455 million pesos in the third quarter of 2024
However, Pemex reported losses in 2019 (-347.9 billion pesos), 2020 (-509.1 billion pesos) and 2021 (294.8 billion pesos) already missing a quarter By the end of 2024, it also aims to register negative figures.
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Between July and September 2024, Pemex’s revenues stood at 426,121 million pesos, which represented a drop of 7.7 percent at an annual rate, while the cost of sales stood at 380,736 million pesos. which meant a slight increase of 1.2 percent compared to the same period of the previous year.
Strengthen Pemex
Juan Carlos Carpio Fragoso, corporate finance director of Pemex, said in a call with investors that the new administration of the oil company will establish various strategies, together with the Ministry of Finance and Public Credit (SHCP) to strengthen the company’s financial position. .
“There will be continuity of support from the Government to Pemex, so we will have continuous coordination with the Ministry of Finance and Public Credit and the Ministry of Energy,” he said.
He added that they will also seek to maintain the goal of zero net debt. At the end of the third quarter of 2024, the company’s debt stood at 97,309 million dollars, which meant a reduction of 8.2 percent compared to the end of 2023.
Strategies will also be designed and implemented to manage the company’s liabilities. Until September 2024, Pemex has managed to pay 332,470 million pesos to suppliers and contractors, however, the company promised to pay all debts in the coming months.— EL FINANCIERO
Pemex Administration
Víctor Rodríguez Padilla, new general director, says that there are plans to have an improvement.
“The operation will be increasingly more productive (…) The main value chains will be strengthened, we are looking at the prospective resources of the deep Gulf of Mexico, the southeastern accounts and Veracruz,” he commented.
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**Interview with Juan Carlos Carpio Fragoso, Corporate Finance Expert, on PEMEX’s Financial Losses**
**Interviewer:** Thank you for joining us today, Juan Carlos. Recently, PEMEX reported a staggering net loss of 161 billion pesos for the third quarter of 2024. Can you provide some context around these numbers?
**Juan Carlos Carpio Fragoso:** Thank you for having me. Yes, PEMEX’s loss in the third quarter is indeed alarming. This reflects a continuation of financial struggles for the company, following significant losses in previous years. Despite a couple of profit years in 2022 and 2023, the overall trend remains problematic, with cumulative losses exceeding 430 billion pesos by the end of September 2024.
**Interviewer:** What factors do you believe contributed to this recent decline?
**Juan Carlos Carpio Fragoso:** Several factors may have influenced these results. For one, the global oil market’s volatility has a profound impact on PEMEX’s revenues, especially given fluctuations in oil prices. Additionally, operational challenges and high production costs may have played a role. The reported decrease in revenues—7.7 percent year-over-year—demonstrates that these pressures are limiting profitability.
**Interviewer:** Octavio Romero Oropeza has now left PEMEX after a six-year term marked by significant losses. What does this change in leadership mean for the future of the company?
**Juan Carlos Carpio Fragoso:** Leadership transitions can present both opportunities and challenges. New leadership may bring fresh strategies and perspectives aimed at reversing these financial declines. However, the incoming team will need to act quickly and decisively to address inefficiencies and stabilize revenues. The road ahead is daunting, but necessary reforms could potentially steer PEMEX back towards profitability.
**Interviewer:** Looking ahead, what steps do you think PEMEX needs to take to regain financial stability?
**Juan Carlos Carpio Fragoso:** PEMEX needs a multifaceted approach. First, it must streamline operations to reduce costs without compromising productivity. Additionally, leveraging technology and innovation can improve efficiency. Strengthening partnerships with private investors could also provide the capital necessary for revitalizing the company. a clear and transparent strategy for navigating the global oil market is essential to reassure stakeholders and rebuild confidence.
**Interviewer:** Thank you, Juan Carlos, for sharing your insights on this critical issue. It will be interesting to see how PEMEX evolves under new leadership.
**Juan Carlos Carpio Fragoso:** Thank you for having me. I look forward to watching PEMEX’s journey in the coming months.
