Mexico City, Mexico, August 10, 2026 – Federal spending through Mexico’s Energy branch finished the first half of 2026 about 164 billion pesos below its scheduled level, while Pemex separately recorded a 130.8-billion-peso shortfall against its public-sector revenue target during the same six months.
The gaps present a more complicated picture than a single 164-billion-peso cut made directly to the state oil company. They show federal support and Pemex’s own budget performance both running behind schedule, even as the company reported stronger sales and operating results during the second quarter.
Energy spending fell below schedule
The first-half spending table published by the Finance Ministry shows that 101.8 billion pesos were spent through the Energy branch between January and June, compared with the scheduled 265.8 billion pesos. The difference was 164.009 billion pesos, or 61.7 percent.
That total applies to Ramo 18, the federal Energy branch, rather than Pemex alone. In its explanation of the spending variation, Hacienda cited fewer resources for Pemex’s financial strengthening, along with smaller outlays for nuclear and electricity research and development. The report does not break down the 164.009 billion pesos among those components.
Pemex also spent 45.3 billion pesos less than its own calendar set during the first half. Hacienda linked that difference to lower physical investment, pension payments and general services.
The same federal revenue tables show Pemex recording 343.5 billion pesos in public-sector revenue against 474.3 billion pesos programmed between January and June. That left a gap of 130.770 billion pesos.
Quarterly rebound left a first-half loss
Pemex’s corporate results tell a different part of the story because they use financial-statement accounting rather than federal budget accounting. In its second-quarter report, the company recorded 510.4 billion pesos in sales and services between April and June, an increase of 30.3 percent from the same quarter of 2025.
Operating profit reached 85.5 billion pesos after an 11.1-billion-peso operating loss a year earlier. Net profit was 18.0 billion pesos, however, down 69.7 percent from 59.5 billion pesos during the second quarter of 2025. Pemex attributed the weaker net result partly to a smaller currency gain, higher costs tied to financial derivatives, and increased taxes and duties.
The quarterly profit did not fully reverse the nearly 46-billion-peso loss Pemex recorded during the first quarter. The company ended the first half with a net loss of 27.968 billion pesos, compared with a 16.2-billion-peso profit during the same period last year.
The distinction between the two sets of revenue figures is important. Hacienda’s 343.5-billion-peso figure measures Pemex revenue within the federal budget during six months and compares it with a programmed target. The 510.4-billion-peso figure covers consolidated sales and services reported under international financial standards during the second quarter alone. They measure different periods and use different accounting bases.
Pemex also reported several operational gains. Total hydrocarbon production averaged 2.447 million barrels of oil equivalent per day during the second quarter, up 4.6 percent from a year earlier. Liquid hydrocarbon output reached 1.658 million barrels per day, while refinery crude processing rose 2.9 percent to 1.008 million barrels per day.
Fuel theft added another financial pressure. Pemex’s losses tied to stolen fuel rose from 3.812 billion pesos in the first quarter to 9.180 billion pesos in the second, an increase of 140.8 percent. The second-quarter total was also 20 percent higher than the same period in 2025.
Financial debt fell to 77.5 billion dollars as of June 30, down 9.1 percent from the end of 2025. Capital spending reached 48.2 billion pesos, equal to 37.2 percent of the company’s total planned capital expenditure.
The lower federal spending arrives as the government moves toward its stated 2027 deadline to end direct Treasury transfers to Pemex. The first-half results leave Pemex entering that transition with lower debt and better second-quarter operations, but also a six-month net loss, revenue below the federal target, and investment spending well short of its annual plan.