Pemex Reported Losses of 620,605 Million Pesos in 2024

Pemex recorded historic losses in 2024

Petróleos Mexicanos (Pemex) closed 2024 with net losses of 620,605 million pesos, an alarming figure that contrasts with the 8,151 million pesos in profits obtained in 2023. This financial collapse exposes the vulnerability of the oil company and the failures of the government's energy policy under Morena.

According to the official report, Pemex's revenues fell by 2.4% compared to the previous year, while operating costs continued to rise. The deterioration of the company occurs despite the millions in government support. This only confirms that the strategy of sustaining it with public money hasn't yielded results.

Factors driving Pemex's crisis

The oil company's financial collapse is due to several factors that have weakened its profitability:

• Decrease in hydrocarbon production:Pemex recorded a 10% drop in its total production, affecting its income and payment capacity.
• Increase in costs and financial liabilities:Pemex's financial debt rose to 97,600 million dollars, increasing the pressure on its finances.
• Exchange rate impact: The depreciation of the peso against the dollar made the company's international financial commitments more expensive.
• Lack of investment and maintenance: Obsolete infrastructure and low investment in technology have reduced Pemex's operational efficiency.

Morena's energy policy fails

Despite the government's promises to strengthen Pemex, the numbers show a disastrous outlook. The government of Morena has injected more than 136,000 million pesos in support of the oil company, but these resources haven't prevented the decline.

Experts warn that continuing to sustain Pemex with public money without a real restructuring will only prolong its crisis. The lack of private investment and the government's refusal to modernize the industry have jeopardized Pemex's stability.

Pemex's financial failure is a reflection of the mismanagement of the economy under Morena. The company that was once a pillar of the nation is now a burden for Mexicans. Pemex faces an uncertain future without a realistic rescue plan, ultimately resulting in the whims of the Morena government.