Mexico | Pemex still far from its oil production target

Summary

Pemex's liquid hydrocarbon production averaged 1.658 million barrels per day in the second quarter of 2026, a slight increase of 6.2 thousand barrels per day from the previous quarter. Despite five consecutive quarters of increases, the figure remains far from the target of 1.8 million barrels per day.

Key points

• Key points:
• The quarterly advance is explained by higher production of heavy and light crude oil (+9.3 thousand barrels per day), offset by lower production of super-light crude and condensates (-5.0 thousand barrels per day).
• Pemex's export sales grew 31.4% annually in the second quarter of 2026, while domestic sales advanced 29.8% due to higher prices and volumes.
• The company's net income in the second quarter of 2026 was 18.0 billion pesos, lower than the 59.5 billion pesos recorded in the same period of the previous year.
• To reach the target of 1.8 million barrels per day, Pemex needs to halt the decline in production from mature fields and significantly increase investment in exploration and development of new fields.

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