Economics: Pemex posts mixed results for 2025, facing big challenges ahead

MEXICO - Report 16 Mar 2026 by Mauricio González and Francisco González

At the end of last month, Pemex released its operating and financial results for the close of 2025. The report was presented under the company’s new legal status as a “public company” — previously known as a “state productive enterprise” — and within the framework of the reforms and new legislation approved during the current administration, as well as various sector strategies and plans, including the 2024-2030 Energy Strategy and Pemex’s 2025-2035 Strategic Plan.

The results reflect mixed operational performance but an improvement in financial indicators, largely thanks to substantial support from the Federal Government. However, the targets outlined in the Strategic Plan appear increasingly out of reach, and the company’s heavy dependence on government support is expected to continue, thereby increasing the risk to national public finances. A particularly concerning development was the use of new “creative accounting” practices between Pemex’s different divisions. These maneuvers, intended to support the narrative of “energy sovereignty,” have raised serious doubts about the credibility and reliability of the company’s reported information.

On the economic indicators for the week, consumer inflation for February stood at 4.02% YoY, up from 3.79% in January. The increase was driven mainly by the non-core component. Non-core inflation rose sharply to 2.44% in February, 105 basis points higher than the previous month. This surge was primarily fueled by significant increases in fruits and vegetables (+9.88%) and government-administered prices (+5.82%). Core inflation remained virtually unchanged at 4.5%, marking ten consecutive months above the 4% threshold and exceeding headline inflation during the same period — a sign of persistent underlying inflationary pressures. Meanwhile, industrial production got off to a weak start in 2026, contracting -0.1% YoY in January and falling 1.1% on a monthly basis according to seasonally adjusted figures. The decline reversed the modest recovery observed in the final months of the previous year.

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