Pemex posts 6% drop of CO₂ emissions in 2024 amid lower hydrocarbon production

The Mexican state-owned Petróleos Mexicanos (Pemex) has presented its preliminary operating and financial results for the fourth quarter of 2024. In 2024, the production of liquid hydrocarbons averaged 1,759 kb/d (-116 kbd compared to 2023), while 906 kb/d were processed in the group's refineries in 2024 (+114 kb/d thanks to the rehabilitation of refineries). The company achieved a 6.6% reduction of its CO₂ emissions, reaching 57 MtCO₂ during the year, thanks to Pemex’s efforts to increase energy efficient projects and optimize its gas and resource management. In financial terms, the company saw a 2.6% decrease of its total sales, while the cost of sales grew by 4.4%, obtaining a MXN182bn (US$8.9bn) gross return on its operations. Pemex's debt increased in 2024 due to unfavourable exchange rate variations affecting the value of the company’s debt. Despite this, the company did not have cash outflows or any decrease in operating terms. 

The company is expecting the approval of regulatory measures and budgetary support from the Mexican Government to obtain a more advantageous tax regime and contribute to the payment of amortizations of its market debt, providing certainty and stability to the company's finances in the medium term. The company plans to focus on increasing the production of high-value distillates (gasoline, diesel and jet fuel), fertilizers, in developing the wet gas process, and to help on the petrochemical industry’s recovering. The company also plans to continue advancing towards cleaner technologies to advance on its transition goals and to strengthen its investor base.