Mexican Petroleum (Pemex) has had encouraging results in the second quarter of 2026. The state oil company confirmed this Friday that between April and May it achieved a net profit of 1 billion dollars, related to the increase in oil prices due to the conflict between Iran and the United States, as well as the growth in local sales of gasoline and diesel. In the company’s earnings report, it is confirmed that hydrocarbon sales grew by 30% compared to the same quarter of 2025, reaching 31.2 billion dollars.
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“Operational advances are accompanied by a solid financial structure,” said the company’s director, Juan Carlos Carpio, in a call with investors. This was his first report at the helm of the company after the departure of Víctor Rodríguez Padilla. Carpio had been the financial director and launched a plan with the Ministry of Finance to clean up the company’s debt during 2025. This Friday, the current director highlighted the 9% reduction in financial debt to place it at 77.5 billion dollars, when in the first quarter of the year it had been at 79 billion dollars.
Mexican President Claudia Sheinbaum had indicated at the beginning of the year that her administration would seek for the oil company to stop using the Ministry of Finance’s financial tools in 2027, but that the decision would be made based on the company’s performance during 2026. The company acknowledged in its report that the current geopolitical outlook has favored it in achieving balance on all fronts. “Gasoline prices recorded an increase due to the conflict in the Middle East, the rise in crude oil prices, and greater risks of supply disruption. Towards the end of the period, prices decreased due to an improvement in supply conditions, as oil tankers began to transit again through the Strait of Hormuz,” the oil company explains in the quarterly earnings report.
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Pemex has managed to stabilize its hydrocarbon production, which is currently 1.6 million barrels per day. The Sheinbaum administration has pointed to two medium-term plans to boost the growth of the state company’s hydrocarbon production. On one hand, it is reactivating hydraulic fracturing (fracking) activities to extract natural gas. At the same time, Pemex has signed a memorandum of understanding with the Brazilian company Petrobras to extract crude oil from the deep waters of the Gulf of Mexico.
Carpio highlighted the alliance between the state oil companies of Brazil and Mexico that was closed last month. “This agreement connects Pemex with a state company with high technical capacity,” he emphasized. Petrobras and Pemex have begun analyzing projects that could start to be developed in the next two years — the duration of the agreement — in exploration and production in deep and ultra-deep waters of the Gulf of Mexico. Although the experience of the Brazilian oil company serves to boost these projects, the Mexican company has not ruled out that the oil companies could collaborate “in refining, petrochemicals, fertilizers, gas processing, liquids recovery, energy efficiency, and emissions reduction.”
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