Overview
- Pemex reported a Q3 2025 net loss of 61,242 million pesos, about 62% narrower year over year, citing lower cost of sales, reduced asset impairments and a 33.4 billion‑peso foreign‑exchange gain.
- Total financial debt reached about $100.3 billion at September 30, up 2.7% from the prior quarter, after financing moves including a bond repurchase of up to $9.9 billion and an $11.3 billion repo.
- Payables to suppliers and contractors rose to 517,098 million pesos (about $28.1 billion), even after 299,768 million pesos in payments during January–September and a newly announced 220,000 million‑peso disbursement before year‑end.
- A public claim by the CEO that supplier debt had been cut in half was contradicted by the quarterly filing, and executives said obligations moved into the Banobras vehicle are recalendarized and not included in the reported 517 billion‑peso balance.
- Government backing intensified, with 380.1 billion pesos in capital contributions through three quarters per IMCO, while Fitch and Moody’s raised Pemex ratings and management reiterated targets to cut short‑term debt by ~32% and total debt by ~10% by end‑2025.