Global oil majors earn $56.3 billion in the quarter while Pemex loses $573 million

The five largest private oil companies reported combined adjusted net profits of 56,300 million dollars (mdd) in the third quarter of 2026, their third-best result on record, while Pemex closed the same period with a net loss of 573 mdd, according to Bloomberg. It is its second consecutive quarter in the red.

The contrast comes amid a high-price environment: the Mexican export blend averaged 81.15 dollars per barrel between January and September, 30% more than a year earlier, according to El Economista. The profits of Exxon, Chevron, Shell, BP and TotalEnergies were supported by record refining margins, in a period in which conflicts in the Persian Gulf and Russia removed close to 10% of global refining capacity, according to Bloomberg's coverage. Exxon and Chevron beat analysts' consensus estimates. Pemex accumulated a net loss of 38,763 million pesos in the first nine months of the year, its third consecutive year in the red through September, despite revenues of 1.362 trillion pesos, 17% more year on year.

The state oil company produced 1.650 million barrels per day of liquids, 0.15% more than a year earlier and below the 1.794 million target in its plan. Its refineries processed 1.097 million barrels per day, an increase of 12.8% equivalent to 55% of installed capacity, against a target of 78%. The tax burden totaled 179,242 million pesos, 17.8% more year on year, and cost of sales reached 981,366 million, 1.2% more. Bloomberg reported that Pemex is in talks with Banobras to reactivate a financing mechanism to cover debts with suppliers of close to 23,000 mdd at the close of the quarter.

The next checkpoint will be Pemex's fourth-quarter report and the formalization of the supplier payment scheme with Banobras. Markets will also track the results of the private oil companies, tied to refining margins and the price of crude. The evolution of the Mexican blend and the level of refinery utilization will be the data to watch at year-end.

This article was written with the assistance of artificial intelligence based on verified sources and reviewed by a human editor before publication.