The company, founded in 1938, and which once had exclusive rights over oil production and distribution in Mexico, has seen a continuous decrease in crude oil production for over a decade. In 2018, this figure amounted to around 1.8 million barrels a day, a decrease of almost 30 percent when compared to the beginning of the decade. Similarly, Pemex’s production of natural gas has decreased by more than two billion cubic feet per day in comparison to 2010.
In addition to the decline in production, Pemex – which is involved with all levels of the oil and gas industry, from extraction, to processing, and retailing – also faces major organizational problems, in particular, securing its oil and gas infrastructure. In 2018, it was estimated that more than 66 billion Mexican pesos in revenue were lost due to fuel theft in the country, out of which Pemex is the most affected.
As a result, the company has been consistently reporting net losses since 2013, exceeding nine billion U.S. dollars in 2018. Pemex’s total assets have also been continuously decreasing for the past years. Nonetheless, it still remains the most valuable brand in Mexico, at more than nine billion U.S. dollars.