Pemex loses more than 217 billion pesos in gasoline refining.

According to an analysis by IMCO, Pemex’s Industrial Transformation business continues to generate losses, overshadowing the income recorded in other businesses.

The  Mexican Institute for Competitiveness (IMCO)  published a study on the financial results of Petróleos Mexicanos (Pemex) refineries, highlighting possible operational deficits. Through its #EnLaMira project, IMCO has been assessing the financial and operational situation of the state oil company since early 2022 to highlight its progress and challenges.

The report revealed that, for the third quarter of 2024, Pemex’s Industrial Transformation division (PTRI), responsible for the six national refineries, recorded operating losses of 217.2 billion pesos, compared to 183.8 billion pesos recorded in 2023. This deficit is attributed to the configuration of the refineries to process light crude oil, while heavy crude oil is currently being processed, resulting in  higher production of fuel oil,  which became the main byproduct of refining from 2022.

In this quarter alone, fuel oil production increased by 10.2%, going from 275 to 303 thousand barrels per day, making it the petroleum product that Pemex produced the most in the period analyzed, surpassing gasoline.

The IMCO reported that of the three operating segments analyzed, the industrial transformation segment was the only one that had an operating loss of 217.2 billion pesos. This segment was also the only one that reported gross losses of 171.8 billion pesos.

This is a consequence of the fact that the cost of what was sold by the subsidiary Pemex Transformación Industrial, between January 1 and September 30, 2024, was 13.8% higher than the income obtained from its sale, which amounted to 753.0 billion pesos.

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