Pemex clawed back more than $12bn in profits over Q1 and Q2 of 2022
Pemex reverses production decline
Mexico’s leading energy provider enjoyed a strong quarter but will have to overcome hurdles to achieve its upstream objectives
This year is proving a welcome reprieve for Mexican NOC Pemex, the world’s most heavily indebted oil and gas company. After posting almost $11bn in losses last year, the firm clawed back more than $12bn in profits over the first two quarters of 2022 and is also starting to see a reversal in its upstream fortunes. Crucially for the government, slumping crude production appears to have stabilised. By year-end Pemex expects to reach 1.83mn bl/d of output, which would represent a 4pc rise year-on-year and a c.12pc increase since volumes bottomed out in 2019. 1.83mn bl/d – Pemex’s year-end production target Under former President Enrique Pena Nieto, Pemex’s crude output went from bad to w
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
