Overview

• The Olmeca (Dos Bocas) refinery processed 156,265 barrels per day in July, an 18.4% monthly decline that put it near 46% of its 340,000 bpd capacity.
• Across Pemex’s seven refineries, crude runs averaged 1.023 million bpd in July for 52.5% utilization, down 7.5% from June but up 1% year over year.
• Other plants also fell month over month: Tula processed 163,918 bpd (-23%), Cadereyta 122,285 bpd (-20%), and Minatitlán 113,687 bpd (-7%).
• Pemex crude production averaged 1.379 million bpd in July, up 1% from June but roughly 8% below a year earlier, with total liquids near 1.648 million bpd and coverage linking refinery throughput to lower extraction.
• Reporting cites a Dos Bocas project cost near $20.959 billion versus an initial $8.9 billion budget, intensifying scrutiny of returns on the investment.