Mexico City, Mexico – On Tuesday, Pemex, the Mexican government-owned oil firm, announced a significant increase in third-quarter net losses, reaching 161.3 billion pesos ($8.2 billion). This figure is almost double the losses of approximately $4.5 billion recorded during the same period last year, as per the company’s statement to the Mexican Stock Exchange.

Pemex, the most significant company in Mexico, reported revenues of 426.1 billion pesos for the quarter running from July to September. Additionally, it disclosed a financial debt amounting to $97.3 billion for the three-month period.

The company, under the new leadership of President Claudia Sheinbaum, who took office at the beginning of this month, continues to receive substantial government support, much like in the previous administration. In its recent report, Pemex revealed it benefited from 145 billion pesos in aid from the state treasury over the quarter.

However, some associates of Sheinbaum have hinted at potential partnerships between Pemex and private oil firms to ramp up production while grappling with a colossal debt. The newly instated president has set her sights on achieving a stable oil output of 1.8 million barrels per day (bpd).

Over the past few decades, Pemex’s production has seen a steady decline, descending to all-time lows of less than 1.5 million bpd, a significant decrease from its peak output of 3.4 million bpd twenty years ago.

(Exchange rate as of end-September: $1 = 19.6921 Mexican pesos)

The article’s primary intent is to offer information to potential investors or those interested in the industry, although it’s not the sole purpose.