Petróleos Mexicanos (Pemex) reported a net profit of 18.024 billion pesos ($1.04 billion) for the second quarter of 2026, a 69.7% decline compared with the same period a year earlier, according to its financial statement filed with the Mexican stock exchange. The company attributed the drop to a 177% surge in financial costs – including interest payments on bonds and other instruments – higher taxes and an unfavourable exchange rate. Revenue rose 30.3% to 510.4 billion pesos, driven by higher export volumes and prices as well as stronger domestic sales of diesel and gasoline.

The operator’s total hydrocarbon production averaged 2.447 million barrels of oil equivalent per day, up 4.6% year-on-year, supported by strategic fields including Ixachi, Bakté and Maloob. Refinery throughput increased 2.9% to 1.008 million barrels per day, while domestic sales of petroleum products grew 9.8%. Despite the quarterly profit, Pemex recorded a net loss of 27.968 billion pesos for the first half of 2026, reversing a profit of 16.187 billion pesos in the same period last year. The company said the half-year loss was driven by a 63.4% decline in currency gains as the peso’s appreciation against the dollar moderated.

Pemex reduced its total financial debt to $77.5 billion as of 30 June 2026, a 9.1% decrease from the end of 2025, with short-term debt falling to 16% of the total. The improvement in leverage was accompanied by a 14.3% reduction in accounts payable to suppliers, to 374.334 billion pesos. However, safety indicators worsened sharply: the accident frequency rate rose 44.8% to 0.42 disabling incidents per million man-hours, and the severity rate increased 85.7% to 26 lost days per million man-hours, figures the company reported as part of its first-half data.

Separately, Pemex achieved the top score in the Integridad Corporativa 500 (IC500) corporate governance ranking for 2026, earning 100 points. The accolade came months after a hydrocarbon spill in the Gulf of Mexico, which the company initially denied for several weeks before deploying more than 3,000 workers for containment and cleanup, and dismissing three senior officials. Pemex has since signed a cooperation agreement with Mexico’s National Institute of Ecology and Climate Change on environmental protection and climate action, though no specific timeline for remediation or fines has been disclosed.