v3.26.1
Wells, Pipelines, Properties, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about property, plant and equipment [abstract]  
Wells, Pipelines, Properties, Plant and Equipment, Net WELLS, PIPELINES, PROPERTIES, PLANT AND EQUIPMENT, NET
As of December 31, 2025 and 2024, wells, pipelines, properties, plant and equipment, net, is presented as follows:
PlantsDrilling
equipment		PipelinesWellsBuildingsOffshore
 platforms		Furniture and
 equipment		Transportation
equipment
Construction in progress (1)
LandTotal fixed assets
Investment
Balances as of January 1, 20241,070,987,449 18,913,795 491,444,562 1,695,212,594 73,956,002 425,259,020 53,545,137 32,988,437 480,504,766 52,888,295 4,395,700,057 
Acquisitions11,194,280 5,432,300 7,180,410 94,119,630 57,660 2,573,440 2,922,890 817,850 189,951,070 — 314,249,530 
Reclassifications1,357,250 — 397,460 — 252,930 (1,280,890)309,960 130,500 (6,260)27,740 1,188,690 
Capitalization44,796,840 — 9,245,250 60,274,710 1,864,030 2,135,690 565,340 55,790 (118,965,090)27,440 — 
Disposals(5,171,200)(38,620)(994,620)— (242,880)(7,940)(2,036,150)(545,530)(5,117,236)(62,990)(14,217,166)
Translation effect23,924,080 — (22,690)— 1,962,770 — 151,040 746,120 49,166,860 451,890 76,380,070 
Balances as of December 31, 2024Ps.1,147,088,699 24,307,475 507,250,372 1,849,606,934 77,850,512 428,679,320 55,458,217 34,193,167 595,534,110 53,332,375 4,773,301,181 
Acquisitions14,065,870 1,720,400 9,362,710 67,196,720 (10,680)2,731,950 3,285,650 1,722,480 94,020,980 — 194,096,080 
Reclassifications5,228,300 (25,430)532,090 — 1,620,720 (6,927,180)24,210 92,620 77,520 — 622,850 
Capitalization168,334,100 — 6,574,820 47,890,360 7,835,170 604,370 1,040,030 256,850 (232,536,280)580 — 
Disposals(7,437,570)(3,000,030)(12,463,280)(29,665,120)(9,320)(10,782,430)(473,760)(146,460)(713,060)(228,880)(64,919,910)
Translation effect(24,060,380)— (23,670)— (1,849,780)— (145,780)(469,180)(32,298,830)(324,160)(59,171,780)
Balances as of December 31, 2025Ps.1,303,219,019 23,002,415 511,233,042 1,935,028,894 85,436,622 414,306,030 59,188,567 35,649,477 424,084,440 52,779,915 4,843,928,421 
Accumulated depreciation and amortization
Balances as of January 1, 2024(785,552,629)(6,896,584)(308,862,775)(1,341,888,963)(48,568,206)(300,832,110)(46,934,913)(16,908,292)(56,933,419)— (2,913,377,891)
Depreciation and amortization(32,590,580)(765,490)(12,534,800)(82,997,750)(1,786,750)(12,839,730)(1,628,720)(1,706,388)— — (146,850,208)
Reclassifications(330,550)53,880 (410,050)(53,980)(34,000)53,950 (309,710)(158,330)100 — (1,188,690)
(Impairment)(119,691,380)— (16,588,490)(27,386,630)(218,120)(9,356,010)— — (5,027,050)— (178,267,680)
Reversal of impairment46,899,260 — 10,442,300 39,134,890 — 19,784,040 62,440 — 8,467,170 — 124,790,100 
Disposals4,712,390 33,950 994,600 — 59,210 5,070 2,030,670 487,820 — — 8,323,710 
Translation effect(15,029,580)— 23,010 — (939,730)— (65,130)(186,380)— — (16,197,810)
Balances as of December 31, 2024Ps.(901,583,069)(7,574,244)(326,936,205)(1,413,192,433)(51,487,596)(303,184,790)(46,845,363)(18,471,570)(53,493,199)— (3,122,768,469)
Depreciation and amortization(34,323,900)(415,240)(13,635,710)(86,448,950)(1,863,600)(13,364,700)(1,724,030)(1,742,534)— — (153,518,664)
Reclassifications(1,290,060)1,220 (532,090)— (96,200)1,385,140 (1,750)(89,110)— — (622,850)
(Impairment)(39,761,990)— (34,492,290)(23,760,170)(42,890)(12,365,330)— — (16,023,009)— (126,445,679)
Reversal of impairment39,467,710 — 29,701,920 30,497,120 — 14,903,160 — — 3,798,320 — 118,368,230 
Disposals6,591,240 2,107,790 6,848,320 25,124,790 8,290 6,898,330 470,340 135,570 — — 48,184,670 
Translation effect10,858,320 — 26,400 — 714,760 — 64,860 126,045 — — 11,790,385 
Balances as of December 31, 2025Ps.(920,041,749)(5,880,474)(339,019,655)(1,467,779,643)(52,767,236)(305,728,190)(48,035,943)(20,041,599)(65,717,888)— (3,225,012,377)
Wells, pipelines, properties, plant and equipment—net as of December 31, 2024Ps.245,505,630 16,733,231 180,314,167 436,414,501 26,362,916 125,494,530 8,612,854 15,721,597 542,040,911 53,332,375 1,650,532,712 
Wells, pipelines, properties, plant and equipment—net as of December 31, 2025Ps.383,177,270 17,121,941 172,213,387 467,249,251 32,669,386 108,577,840 11,152,624 15,607,878 358,366,552 52,779,915 1,618,916,044 
Depreciation rates
3 to 5%
5%
2 to 7%
—
3 to 7%
4%
3 to 10%
4 to 20%
——
Estimated useful lives
20 to 35
20
15 to 45
—
14 to 33
25
10 to 33
5 to 25
——
(1)Mainly wells, pipelines and plants.

A.As of December 31, 2025, 2024 and 2023, the financing cost identified with fixed assets in the construction or installation stage, capitalized as part of the value of such fixed assets, was Ps.5,708,131, Ps. 7,937,219, and Ps. 4,676,577, respectively. Financing cost rates during 2025, 2024 and 2023 were 8.35% to 14.11%, 7.82% to 18.68% and 6.47% to 7.62%, respectively.
B.The combined depreciation of fixed assets and amortization of wells for the fiscal years ended December 31, 2025, 2024 and 2023, recognized in operating costs and expenses, was Ps. 153,518,664, Ps. 146,850,208 and Ps. 137,555,276, respectively. These figures include Ps. 130,244,785, Ps. 124,473,818 and Ps.115,208,527 for oil and gas production assets and costs related to plugging and abandonment of wells for the years ended December 31, 2025, 2024 and 2023 of Ps. 6,704,138, Ps. 789,805 and Ps. 137,685, respectively.
C.As of December 31, 2025 and 2024, provisions relating to future plugging of wells costs amounted to Ps. 126,608,358 and Ps. 115,514,750, respectively, and are presented in the “Provisions for plugging of wells” (see Note 20).
D.As of December 31, 2025, 2024 and 2023, acquisitions of property, plant and equipment include transfers from wells unassigned to a reserve for Ps. 7,773,944, Ps. 9,696,153 and Ps. 14,306,298, respectively (see Note 13).
E.As of December 31, 2025, 2024 and 2023, the translation effect of property, plant and equipment items from a different currency than the presentation currency was Ps. (47,381,395), Ps. 60,182,260 and Ps. (40,731,370), respectively, which was mainly plant.
F.As of December 31, 2025, 2024 and 2023, PEMEX recognized a net impairment of Ps. (8,077,449), Ps. (53,477,580) and Ps. (28,797,518), respectively, which is presented as a separate line item in the consolidated statement of comprehensive income as follows:
202520242023
(Impairment) / Reversal of
impairment, net
Logistics as a part of Other Operating Subsidiary Companies (formerly Pemex Logistics)Ps.(23,192,225)Ps.582,923 Ps.(612,906)
Industrial Processes (formerly part of Pemex Industrial Transformation)(1,115,093)— — 
Pemex Industrial Transformation— (78,049,865)(25,568,713)
SUS— — (71,036)
MGAS163,986 (37,985)(191,786)
Energy Transformation (formerly part of Pemex Industrial Transformation)3,467,927 — — 
Exploration and Extraction (formerly Pemex Exploration and Production)12,597,956 24,027,347 (2,353,077)
(Impairment), netPs.(8,077,449)Ps.(53,477,580)Ps.(28,797,518)
Cash-Generating Unit of Exploration and Exploration
As of December 31, 2025, 2024 and 2023, Exploration and Extraction recognized net reversals of impairment and net impairment of Ps. 12,597,956, Ps. 24,027,347 and Ps. (2,353,077), respectively, shown by CGUs as follows:
202520242023
CantarellPs.37,238,709 Ps.(904,083)Ps.15,174,961 
Tsimin Xux2,732,718 3,211,743 (9,532,221)
Ayin-Alux1,030,368 486,415 — 
Aceite Terciario del Golfo— 18,799,827 (16,192,262)
Tamaulipas Constituciones— 2,578,602 1,710,627 
Poza Rica— 385,159 (397,084)
Cárdenas-Mora— — 1,150,448 
Crudo Ligero Marino— — 1,420,120 
Santuario El Golpe— — 1,454,789 
Ixtal - Manik— — 6,042,806 
Chuc— — 6,445,006 
Misión (CEE)(62,104)5,902 (458,354)
Antonio J. Bermúdez(184,690)3,903,165 9,724,991 
Lakach(287,187)3,546,439 (423,347)
Santuario CEE(832,888)— — 
Arenque(1,560,264)1,702,529 (1,705,447)
Cuenca de Macuspana(1,576,853)83,560 837,460 
Burgos(3,442,880)(6,772,427)(10,631,921)
Ku Maloob Zaap(8,425,068)— — 
Ogarrio Magallanes(12,031,905)(2,999,484)(6,973,649)
TotalPs.12,597,956 Ps.24,027,347 Ps.(2,353,077)

As of December 31, 2025, the Exploration and Extraction segment recognized a net reversal of impairment of Ps. 12,597,956 mainly due to: (i) the positive effect of Ps. 41,071,395, due to lower productive costs mainly in the Cantarell, Tsimin Xux and Ayin-Alux CGUs; (ii) a decrease in the discount rate of Ps. 29,807,328, from 10.86% as of December 31, 2024 to 6.28% as of December 31, 2025; and (iii) a positive tax effect of Ps. 3,640,303 driven by a lower tax base due to the decrease in prices, exchange rate and volume. These effects were partially offset by (i) a decrease in production profiles volume in the barrel of crude oil equivalent generating a negative effect of Ps. 35,165,415, mainly in the Ogarrio Sanchez Magallanes, Antonio J. Bermudez and Burgos CGUs; (ii) a decrease in crude oil prices, generating a
negative effect of Ps. 4,360,188, mainly in the Lakach, Ogarrio, Sánchez Magallanes and Arenque CGUs, and (iii) a negative effect due to an exchange rate of Ps. 22,395,467, from Ps. 20.2683 = U.S.$1.00 as of December 31, 2024 to Ps. 17.9667 = U.S.$1.00 as of December 31, 2025.

As of December 31, 2024 Pemex Exploration and Production recognized a net reversal of impairment of Ps.24,027,347 mainly due to: (i) the positive effect of Ps.246,736,694, due to lower productive costs mainly in the Aceite Terciario del Golfo, Antonio J. Bermúdez, Poza Rica and Arenque CGUs (ii) the positive effect due to an exchange rate of Ps.51,936,270 from Ps.16.9220 = U.S$1.00 as of December 31, 2023 to Ps.20.2683 = U.S$1.00 as of December 31, 2024; and (iii) an increase in crude oil prices and condensate products, generating a positive effect of Ps. 24,921,879 mainly in the Aceite Terciario del Golfo, Lakach, Tamaulipas Constituciones and Tsimin Xux CGUs. These effects were partially offset by (i) an increase in the discount rate of Ps.133,289,611 from de 9.93% in December 31, 2023 to 10.86% in December 31, 2024; (ii) a decrease in production profiles volume in the barrel of crude oil equivalent generating a negative effect of Ps.128,567,201 mainly in the Cantarell, Burgos and Ogarrio Sanchez Magallanes CGUs, and (iii) a negative tax effect of Ps.37,710,685 due to a higher tax base motivated by benefits in production costs, exchange rate and hydrocarbon prices, mainly in the Cantarell, Burgos and Ogarrio Sanchez Magallanes CGUs.

As of December 31, 2023, Pemex Exploration and Production recognized a net impairment of Ps. (2,353,077) mainly due to:(i) the negative effect of Ps.64,145,752 due to increase in cost and expenses mainly in the Aceite Terciario del Golfo, Burgos, Tsimin Xux and Ogarrio Sánchez CGUs, (ii) the negative effect due to an exchange rate of Ps. 47,149,878, from Ps. 19.4143 = U.S.$1.00 as of December 31, 2022, to Ps. 16.9220 = U.S.$1.00 as of December 31, 2023; and (iii) an increase in the discount rate of Ps. 23,731,588, from 9.31% in December 31, 2022 to 9.93% in December 31, 2023. These effects were partially offset by (i) an increase in crude oil prices and condensate products, generating a positive effect of Ps. 73,989,335 mainly in the Cantarell, Tamaulipas Constituciones and Crudo Ligero Marino CGUs; (ii) an increase in production profiles volume in the barrel of crude oil equivalent generating a positive effect of Ps. 45,517,214, mainly in the Antonio J. Bermúdez, Crudo Ligero Marino, Chuc, Ogarrio Sánchez, Ixtal Manik and Tamaulipas Constituciones CGUs; and (iii) a positive tax effect of Ps. 13,167,592, due to a lower tax base motivated by increases in cost and expenses at the Aceite Terciario del Golfo, Burgos and Tsimin Xux CGUs.
The CGUs of Exploration and Extraction are investment projects in productive fields with hydrocarbon reserves associated with proved reserves. These productive hydrocarbon fields contain varying degrees of heating power consisting of a set of wells and are supported by fixed assets associated directly with production, such as pipelines, production facilities, offshore platforms, specialized equipment and machinery.
Each project represents the smallest unit which can concentrate the core revenues, with clear costs and expenses that enable future cash flows (value in use) to be determined.
Exploration and Extraction determines the recoverable amount of fixed assets based on the long-term estimated prices for Exploration and Extraction proved reserves. The recoverable amount on each asset is the value in use.
To determine the value in use of long-lived assets associated to hydrocarbon extraction, the net present value of reserves is determined based on the following assumptions:
202520242023
Average crude oil price
61.16 U.S.$/bl
63.02 U.S.$/bl
64.08 U.S.$/bl
Average gas price
4.84 U.S.$/mpc
4.89 U.S.$/mpc
4.79 U.S.$/mpc
Average condensates price
64.24 U.S.$/bl
70.21 U.S.$/bl
73.00 U.S.$/bl
After-tax discount rate
6.28% annual
10.86% annual
9.93% annual
Pre-tax discount rate
9.88% annual
16.44% annual
15.10% annual
For 2025, 2024 and 2023 the total forecast production, calculated with a horizon of 25 years, was 6,915 Million barrels of oil equivalent (Mboe), 6,965 Mboe and 7,082 Mboe per day of crude oil equivalent, respectively.
Exploration and Extraction, in compliance with practices observed in the industry, estimates the recovery value of an asset by determining its value in use, based on cash flows associated with proved reserves after taxes and using a discount rate, also after taxes. Cash flows related to plugging wells provision costs are excluded in this computation of discounted cash flows.
As of December 31, 2025, 2024 and 2023, values in use for CGU are:
202520242023
Ku Maloob Zaap425,844,565 — — 
Aceite Terciario del Golfo101,518,822 62,598,697 27,318,209 
Cantarell44,789,042 18,829,360 19,852,385 
Tsimin Xux42,775,429 39,802,960 26,234,797 
Crudo Ligero Marino38,895,336 42,175,410 34,288,720 
Antonio J. Bermúdez29,914,562 32,097,908 23,434,323 
Ogarrio Magallanes25,427,921 32,727,984 27,794,137 
Tamaulipas Constituciones14,718,626 14,610,722 4,799,796 
Poza Rica9,788,364 10,324,802 6,089,496 
Lakach3,552,966 4,874,349 — 
Arenque1,741,253 7,804,677 2,629,121 
Ayín - Alux1,694,722 750,222 — 
Santuario (CEE)1,499,210 — — 
Chuc— 82,745,798 58,954,530 
Ixtal - Manik— 23,891,174 14,311,152 
Cuenca de Macuspana— 1,996,655 612,773 
Burgos— 1,259,454 2,611,157 
Ébano (CEE)— — 4,690,690 
Santuario El Golpe— — 3,640,552 
Cárdenas-Mora— — 3,105,129 
TotalPs.742,160,818 Ps.376,490,172 Ps.260,366,967 

Cash-Generating Units of Industrial Processes
As of December 31, 2025, the Industrial Processes segment recognized a net impairment of Ps. (1,115,093), shown by CGUs as follows:
2025
Tula RefineryPs.11,780,665 
Cosoleacaque Petrochemical Complex1,647,455 
Coatzacoalcos Gas Processor Complex563,041 
Pajaritos Ethylene Complex46,777 
Cangrejera Ethylene Complex(104,726)
Minatitlán Refinery(315,583)
Morelos Petrochemical Complex(422,534)
Madero Refinery(624,390)
Cadereyta Refinery(4,339,830)
Salina Cruz Refinery(9,345,968)
Net ImpairmentPs.(1,115,093)

As of December 31, 2025, the Industrial Processes segment recognized net impairment of Ps.(1,115,093) due mainly to a (i) a decrease in the variable margin for certain operating centers of National Refining System although in terms of volume, stabilization in production has been achieved as a result of the Rehabilitation Program applied to processing plants, auxiliary services, and tanks, which was initiated in 2019. The main goal of this program is to guarantee the reliability of operations and maintain the stable and optimal processing level at the refineries, (ii) by the fluctuations of the exchange rate from Ps. 20.2683 = U.S.$1.00 as of December 31, 2024 to Ps. 17.9667 = U.S.$1.00 as of December 31, 2025. These effects were partially offset by the partial start-up of the Coking Plant facilities at the Tula Refinery which will allow for an increase in the higher value production; and (iii) a decrease in the discount rate of CGUs of refined products from 14.75% as of December 31, 2024 to 10.95% as of December 31, 2025.

To determine the value in use of long-lived assets associated with the CGUs of Industrial Processes, the net present value of cash flows was determined based on the following assumptions:
December 31, 2025
RefiningPetrochemicalsEthyleneFertilizers
Average crude oil Price (U.S.$) (1)
97.48N.A.
Processed volume (1)
924 mbd
Variable because the load inputs are diverse
Rate of U.S.$17.966717.966717.966717.9667
Useful lives of the cash-generating units (year average)1281015
Pre-tax discount rate10.95%8.46%8.46%10.26%
Period
2026-20372026-20332026-20352026-2040
(1)Average of the first 5 years.
CGUs in the Industrial Processes segment are processing centers grouped according to their types of processes as refineries, petrochemical centers and ethylene and fertilizers complex processes. These centers produce various finished products for direct sale to customers or intermediate products that can be processed in another of its CGUs or by a third party. Each processing center of the Industrial Processes segment represents the smallest unit that has distinguishable revenues, with clear costs and expenses that enable future cash flows (value in use) to be determined.
Cash flow determinations are made based on PEMEX’s business plans, operating financial programs, forecasts of future prices of products related to the processes of the CGUs, budget programs and various statistical models that consider historical information of processes and the capacity of various processing centers.

As of December 31, 2025, the value in use for CGUs are as follows:

2025
Tula RefineryPs.43,042,423 
Salamanca Refinery28,082,765 
Cadereyta Refinery24,735,313 
Cangrejera Petrochemical Complex20,691,534 
Salina Cruz Refinery10,680,107 
Independencia Petrochemical Complex1,963,400 
Morelos Petrochemical Complex211,498 
Pajaritos Ethylene Complex184,970 
Coatzacoalcos Gas Processor Complex48,739 
TotalPs.129,640,749 

Cash-Generating Units of Energy Transformation

As of December 31, 2025, the Energy Transformation segment recognized a net reversal of impairment of Ps.3,467,927, shown by CGUs as follows:
2025
Nuevo Pemex Gas Processor ComplexPs.1,807,491 
Cactus Gas Processor Complex754,045 
Ciudad Pemex Gas Processor Complex592,674 
La Venta Gas Processor Complex305,296 
Gas Poza Rica Processor Complex19,256 
Gas Arenque Processor Complex2,048 
Matapionche Gas Processor Complex(12,883)
Reversal of impairmentPs.3,467,927 

As of December 31, 2025, the Energy Transformation segment recognized a net reversal of impairment of Ps. 3,467,927 due to: the increase in gross margin due higher sale prices; and a decrease in the discount rate of CGUs of gas products from 15.93% as of December 31, 2024 to 10.72% as of December 31, 2025. These effects were offset by the fluctuations of the exchange rate from Ps. 20.2683 = U.S.$1.00 as of December 31, 2024 to Ps. 17.9667 = U.S.$1.00 as of December 31, 2025.
To determine the value in use of long-lived assets associated with the CGUs of Energy Transformation, the net present value of cash flows was determined based on the following assumptions:
December 31, 2025
Gas
Processed volume (1)
2,555 mmpcd of humid gas
Rate of U.S.$17.9667
Useful lives of the cash-generating units
(year average)		8
Pre-tax discount rate10.72%
Period2026-2033
(1) Average of the first 5 years.
CGUs in the Energy Transformation segment are processing centers grouped according to their types of processes in the gas complex processors. These centers produce various finished products for direct sale to customers or intermediate products that can be processed in another of its CGUs or by a third party. Each processing center
of the Energy Transformation segment represents the smallest unit that has distinguishable revenues, with clear costs and expenses that enable future cash flows (value in use) to be determined.
Cash flow determinations are made based on PEMEX’s business plans, operating financial programs, forecasts of future prices of products related to the processes of the CGUs, budget programs and various statistical models that consider historical information of processes and the capacity of various processing centers.
As of December 31, 2025, the value in use for the CGUs is as follows:
2025
Nuevo Pemex Gas Processor ComplexPs.8,736,369 
Cactus Gas Processor Complex7,590,104 
Ciudad Pemex Gas Processor Complex5,256,806 
La Venta Gas Processor Complex1,946,196 
Burgos Gas Processor Complex1,770,051 
TotalPs.25,299,526 
Cash-Generating Units of Pemex Industrial Transformation (until June 1, 2025, see Note 1)
As of December 31, 2024 and 2023, Pemex Industrial Transformation recognized a net impairment of Ps. (78,049,865) and Ps. (25,568,713), respectively, shown by CGUs as follows:
20242023
Tula Refinery(33,661,647)(13,816)
Minatitlán Refinery(16,652,058)4,615,400 
Salina Cruz Refinery(7,270,800)— 
Madero Refinery(6,369,734)(10,125,589)
Cosoleacaque Petrochemical Complex(5,716,817)(5,096,027)
Ciudad Pemex Gas Processor Complex(5,389,475)— 
Cactus Gas Processor Complex(1,670,960)(4,592,823)
Morelos Petrochemical Complex(643,817)(3,093,360)
Coatzacoalcos Gas Processor Complex(576,742)(2,051,842)
Ethylene Processor Complex(424,382)— 
La Venta Gas Processor Complex(396,654)(541,766)
Matapionche Gas Processor Complex(163,389)(498,212)
Pajaritos Petrochemical Complex(40,901)— 
Cangrejera Petrochemical Complex— (61,296)
Salamanca Refinery393 5,750,279 
Arenque Gas Processor Complex1,774 (159,571)
Poza Rica Gas Processor Complex137,833 (646,813)
Cangrejera Ethylene Complex312,331 (771,161)
Nuevo Pemex Gas Processor Complex475,180 (8,282,116)
Impairment, netPs.(78,049,865)Ps.(25,568,713)

As of December 31, 2024, Pemex Industrial Transformation recognized the net impairment of Ps. (78,049,865) mainly due to an impact on the estimate gross result as a consequence of the decrease in sale prices and an increase in the discount rate of CGUs as refined products from 13.68% as of December 31, 2023 to 14.75% as of December 31, 2024. These effects were partially offset by a stabilization in production levels during 2024 due to the implementation of the Rehabilitation program in process plants, auxiliary services, and tanks.
As of December 31, 2023, the net impairment of Ps. (25,568,713) was due to a decrease in the exchange rate used in the projected cash-flows from Ps. 19.4143 = U.S.$1.00 as of December 31, 2022 to Ps. 16.9220 = U.S. $1.00 as of December 31, 2023. These effects were partially offset by a slight decrease in the discount rate of CGUs of refined products from 14.16% as of December 31, 2022 to 13.68% as of December 31, 2023.
To determine the value in use of long-lived assets associated with the CGUs of Pemex Industrial Transformation, the net present value of cash flows was determined based on the following assumptions:
As of December 31,
2024202320242023202420232024202320242023
RefiningGas Petrochemicals EthyleneFertilizers
Average crude oil Price (U.S.$)101.82105.5N.A.N.A.N.A.N.A
Processed volume (1)
866 mbd
993 mbd
2,746 mmpcd of humid gas
3,201 mmpcd
 of humid gas
Variable because the load inputs are diverse
Rate of U.S.$$20.2683$16.9220$20.2683$16.9220$20.2683$16.9220$20.2683$16.9220$20.2683$16.9220
Useful lives of the cash-generating units
(year average)
121276457565
Pre-tax discount rate14.75%13.68%15.93%12.25%11.35%10.31%11.35%10.31%12.35%13.25%
Period (2)2025-20362024-20352025-20312024 - 20292025-20282024-20272025-20312024-20282025-20302024-2028
    
(1)Average of the first four years.
(2)The first five years are projected and stabilize at year six.
N.A. = Not applicable
CGUs in Pemex Industrial Transformation are processing centers grouped according to their types of processes as refineries, gas complex processors, and petrochemical centers. These centers produce various finished products for direct sale to customers or intermediate products that can be processed in another of its CGUs or by a third party. Each processing center of Pemex Industrial Transformation represents the smallest unit that has distinguishable revenues, with clear costs and expenses that enable future cash flows (value in use) to be determined.
Cash flow determinations are made based on PEMEX’s business plans, operating financial programs, forecasts of future prices of products related to the processes of the CGUs, budget programs and various statistical models that consider historical information of processes and the capacity of various processing centers.
The recoverable amount of assets is based on each asset’s value in use. The value in use for each asset is calculated based on discounted cash flows, taking into consideration the volumes to be produced and sales to be carried out. As of December 31, 2024 and 2023, the value in use for the impairment of fixed assets was as follows:
20242023
Salamanca Refinery38,826,331 52,973,936 
Cadereyta Refinery38,491,000 49,608,678 
Salina Cruz Refinery20,203,733 51,877,280 
Tula Refinery18,074,762 46,202,340 
Cangrejera Ethylene Processor Complex11,278,426 8,758,887 
Nuevo Pemex Gas Processor Complex8,136,516 8,412,828 
Ciudad Pemex Gas Processor Complex6,358,136 13,566,516 
Cactus Gas Processor Complex5,301,464 7,412,437 
Burgos Gas Processor Complex3,457,364 1,972,249 
Independencia Petrochemical Complex1,899,481 4,382,873 
La Venta Gas Processor Complex977,988 1,471,999 
Coatzacoalcos Gas Processor Complex921,077 1,764,690 
Morelos Ethylene Processor Complex538,152 923,623 
Pajaritos Ethylene Processor Complex184,970 — 
Madero Refinery— 14,453,809 
Minatitlán Refinery— 4,184,019 
Cosoleacaque Petrochemical Complex— 1,502,395 
TotalPs.154,649,400 Ps.269,468,559 

Cash-Generating Units of Logistics as a part of Other Operating Subsidiary Companies segment (formerly Pemex Logistics)
During the year ended December 31, 2025, Logistics as part of the Other Operating Subsidiary Companies segment, recognized a net impairment of Ps. (23,192,225) mainly due to a decrease in the estimated pipelines CGUs cash flows due to the percentage of the allocable cost of petroleum products losses is no longer included. These effects were partially offset by a decrease in the discount rate of CGUs of pipelines from 16.57% as of December 31, 2024 to 13.18% as of December 31, 2025.
The CGUs of Logistics as part of the Other Operating Subsidiary Companies segment are pipelines and transportation equipment. The recoverable amount of assets as of December 31, 2025 was Ps. 63,289,804, based on discounted cash flows and discount rate of 13.18% and useful life of 17 years.
Cash-Generating Units of Pemex Logistics (until June 1, 2025, see Note 1)
As of December 31, 2024 and 2023, Pemex Logistics recognized a net reversal of impairment and a net (impairment) of Ps.582,923 and Ps. (612,906), respectively, shown by CGU as follows:
The net reversal of impairment and (impairment), was in the following CGUs:
20242023
Storage terminalsPs.582,923 Ps.(582,923)
Construction in progress— (58,816)
Land and transport (white pipelines)— 28,833 
Reversal of impairment (impairment), netPs.582,923 Ps.(612,906)

As of December 31,
202420232024202320242023
Pipelines
Landing transport
Vessel
Discount rate16.57%14.80%16.57%14.80%16.57%14.80%
Useful life17191401415
As of December 31, 2024, Pemex Logistics recognized a reversal of impairment of Ps.582,923 due to a decrease in value of the CGU due to the depreciation of the assets that are part of the calculation.
As of December 31, 2023, Pemex Logistics recognized an impairment of Ps. (612,906) due to: (i) a decrease in the projected revenue in the cash flows of the storage terminals CGU, resulting from an expected increase in expenses and (ii) an increase in the discount rate to project future cash flows from 12.73% in 2022 to 14.80% in 2023.
CGU in Pemex Logistics are pipelines and transport equipment.
The recoverable amounts of the assets as of December 31, 2024 and 2023, corresponding to the discounted cash flows at the rate of 16.57% and 14.80%, respectively, as follows:
20242023
TAD, TDGL, TOMS (Storage terminals)Ps.66,363,740 Ps.69,078,019 
Primary logistics— 111,366,873 
TotalPs.66,363,740 Ps.180,444,892 

G.PEMEX can conduct exploration and extraction activities through Exploration and Extraction Contracts (“EECs”). The EECs are awarded individually, through associations or joint ventures based on guidelines approved by the Comisión Nacional de Hidrocarburos (“National Hydrocarbons Commission” or “CNH”) and are classified into:
a.Production-sharing contracts;
b.Profit-sharing contracts;
c.License agreements; and
d.Service contracts.
Certain of the EECs are operated though joint arrangements, for which PEMEX recognizes in its financial statements both the rights to the assets and the obligations for the liabilities, as well as profits and losses relating to the arrangements.
EECs as of December 31, 2025 are:
a.Production-sharing contracts:
The object of the production-sharing contracts is the execution of oil activities under shared production contracts among Mexico through the Mexican Government via the CNH and Pemex Exploration and Production (as contractor), for the contractual area and the sharing of costs, risks, and terms and conditions involved in the contract and in accordance with the applicable regulations and best practices of the industry receiving, in exchange, benefits in favor of the contractor.
I.Production contracts without a partner
•Hydrocarbons Exploration and Extraction Contract for Block 29, Cuenca del Sureste, in which PEMEX owns 100% of the project.
•Hydrocarbon Extraction Contract for the Ek-Balam (shallow water) Block. PEMEX owns 100% of this contractual area.
•Exploration and Extraction Contract, related to Block 8 Cuencas del Sureste, PEMEX owns 100% of this contractual area.
•Exploration and Extraction Contract, related to Block 18, Tampico Misantla, in which PEMEX owns 100% of this contractual area.
II.Production contracts in consortium
•Exploration and Extraction Contract related to Block 2 Tampico Misantla, pursuant to a consortium formed by PEMEX and Wintershall Dea México, S. de R. L. de C. V. The object of the contract is the realization of oil activities, under shared production contracts, by the contractor for the contractual area and the sharing of costs, risks, terms and conditions involved in the contract and in accordance with the applicable regulations and best practices of the industry, receiving in exchange, benefits in favor of the contractor. PEMEX and Wintershall Dea México have a 70% and 30% interest, respectively, in this contractual area. PEMEX is the operator under this contract.
•Exploration and Extraction Contract, related to Block 16, Tampico Misantla, pursuant to a consortium by PEMEX and Wintershall Dea México, S. de R. L. de C. V. PEMEX owns 50% of this contractual area and Wintershall Dea México owns 50%.
•Exploration and Extraction Contract, related to Block 17, Tampico Misantla, pursuant to a consortium by PEMEX, and Wintershall Dea México, S. de R. L. de C. V. PEMEX owns 50% of this contractual area and Wintershall Dea México owns 50%.
•Hydrocarbons Exploration and Extraction Contract for Block 32, Cuenca del Sureste, by PEMEX (as operator) and Total E&P México, S.A. de C.V. (as partner). PEMEX owns 50% of this contractual area and Wintershall Dea México owns 50%.
•Hydrocarbons Exploration and Extraction Contract for Block 33, Cuenca del Sureste, by PEMEX and QPI México, S.A. de C.V. (as partner) and Total E&P México, S.A. de C.V. (as operator). PEMEX, Total E&P México, S.A. de C.V. and QPI México, S.A. de C.V. have a 50%, 35% and 15% interest, respectively, in this contractual area.
•Hydrocarbons Exploration and Extraction Contract for Block 35, Cuenca del Sureste, by Shell Exploración y Extracción de México, S.A. de C.V. (as operator) and PEMEX. Shell Exploración y Extracción de México, S.A. de C.V.owns 50% of this contractual area and PEMEX owns 50%.
•Exploration and Extraction Contract, related to the Santuario El Golpe Block, pursuant to a consortium formed by PEMEX (as partner) and Petrofac México, S.A. de C.V. (PETROFAC), as operator. PEMEX owns 64% of this contractual area and PETROFAC owns 36%.
•Exploration and Extraction Contract, related to the Misión Block, pursuant to a consortium formed by PEMEX (as partner) and Servicios Múltiples de Burgos, S.A. de C.V. (as operator). PEMEX owns 51% of this contractual area and Servicios Múltiples de Burgos, S.A. de C.V. owns 49%.
•Exploration and Extraction Contract, related to Ébano Block, pursuant to a consortium formed by PEMEX (as partner), DS Servicios Petroleros, S.A. de C.V. (as operator) and D&S Petroleum S.A. de C.V. (as partner). PEMEX, DS Servicios Petroleros S.A. de C.V and D&S Petroleum S.A. de C.V. have a 45%, 54.99% and 0.01% interest, respectively in this contractual area.
b.License contracts
The nature of the contract relationship is the execution of oil activities, under the license contracting modality, under which the contractor is granted the right to explore and extract at its exclusive cost and risk hydrocarbons owned by the Mexican nation, who must comply with the obligations arising from the contract in the name and representation of each of the signatory companies in the contractual area in accordance with the applicable regulations, industry best practices and the terms and conditions of the contract. The contractor shall be entitled to payment for hydrocarbons produced, in accordance with the terms of the contracts, and after payments to the Mexican Government are made.
I.License contracts without association
•Hydrocarbons Exploration and Extraction Contract for Block 2, Plegado Perdido, in which PEMEX owns 100% of the project.
•Hydrocarbons Exploration and Extraction Contract for Block 5, Plegado Perdido, in which PEMEX owns 100% of the project.
•Hydrocarbons Exploration and Extraction Contract for Block 18, Cordilleras Mexicanas owns 100% of the project.
II.License contracts in association
•Hydrocarbons Exploration and Extraction Contract for Block 3 “Plegado Perdido”, in deep waters, formed by INPEX Corporation (“INPEX”) (as partner), Chevron Energía de Mexico, S. de R.L. de C.V. (“Chevron”) (as operator) and PEMEX, (as partner). Chevron, PEMEX and INPEX have a 33.3334%, 33.333% and 33.333% interest in this project, respectively, and will be jointly liable for all obligations of the contractors according to this contract regardless of their participation interest.
•Hydrocarbons Exploration and Extraction Contract for Block 22, Cuenca Salina, formed by PEMEX, Inpex E&P México, S.A. de C.V., (as partners), and Chevron (as operator). Chevron, PEMEX and Inpex E&P México, S.A. de C.V., have a 37.5%, 27.5% and 35.0% interest in this project, respectively.
•A licensing contract with BHP Billiton Petróleo Operaciones de México, S. de R.L. (“BHP Billiton”) for the Trión Block. BHP Billiton owns 60% of the contractual area, while PEMEX owns 40%, and each of the signatory companies are jointly liable for all obligations of the contractors.
•Hydrocarbons Exploration and Extraction Contract for the Cárdenas Mora Block, for onshore fields, formed by PEMEX (as partner), Petrolera Cárdenas Mora, S. A. P. I. de C. V. (as operator) and Cheiron Holding Limited (jointly liable). PEMEX owns 50% of this contractual area and Petrolera Cárdenas Mora, S. A. P. I. de C. V owns 50%.
•Hydrocarbons Exploration and Extraction Contract for the Ogarrio Block, for onshore fields, formed by PEMEX (as partner), Wintershall Dea México, S. de R. L. de C. V. (as operator) and Wintershall Dea International (jointly liable). PEMEX owns 50% of this contractual area and Wintershall Dea México, S. de R. L. de C. V. owns 50%.
•Hydrocarbons Exploration and Extraction Contract for the Miquetla Block, for onshore fields, formed by PEMEX (as partner) and Operadora de Campos DWF, S.A. de C.V. (as operator). PEMEX has a 49% interest in this project while Operadora de Campos DWF, S.A. de C.V. has a 51% interest.
See below for a condensed statement of comprehensive income and condensed statement of financial position, summarizing the exploration and extraction contracts listed above (presentation non-audited):
Production-sharing contracts
As of /For the year ended
December 31, 2025		EK-BalamBlock 2Block 8Block 16Block 17Block 18Block 29Block 32Block
33		Block 35Santuario
El Golpe		MisiónÉbano
Sales:
Net sales6,902,738 — — — — — — — — — 1,322,715 163,310 301,556 
Cost of sales10,626,151 1,960,397 51,374 — 1,297 66,356 40,565 — 739,888 8,976 1,832,043 298,873 267,389 
Gross income (loss)(3,723,413)(1,960,397)(51,374)— (1,297)(66,356)(40,565)— (739,888)(8,976)(509,328)(135,563)34,167 
Other income (loss), net31,820 (39,440)(199)— — 4,072 1,624,444 8,600 9,267 135 11,579 40,116 694 
Administrative expenses— — — — — — — — — — 11,362 — 59,915 
Operating income (loss)(3,691,593)(1,999,837)(51,573)— (1,297)(62,284)1,583,879 8,600 (730,621)(8,841)(509,111)(95,447)(25,054)
Taxes, duties and other— — — — — — — — — — — — — 
Net income (loss)(3,691,593)(1,999,837)(51,573)— (1,297)(62,284)1,583,879 8,600 (730,621)(8,841)(509,111)(95,447)(25,054)
Cash and cash equivalents15 316,966 2,060 — — 132,059 67,989 233,010 — — — — — 
Accounts receivable947,826 216,235 158,934 82,503 80,827 39,717 7,242 91,894 411,118 430,051 4,406,596 2,496,425 770,978 
Total current assets947,841 533,201 160,994 82,503 80,827 171,776 75,231 324,904 411,118 430,051 4,406,596 2,496,425 770,978 
Wells, pipelines, properties, plant and equipment, net38,921,022 — — — — — — — — — 1,360,531 1,489,379 491,673 
Other assets— 12,111 239 — — — — — — — — — — 
Total assets39,868,863 545,312 161,233 82,503 80,827 171,776 75,231 324,904 411,118 430,051 5,767,127 3,985,804 1,262,651 
Suppliers29,467,794 21,988 5,732 185,767 209,357 738 14,423 1,007 2,086,425 820,339 9,825,462 4,866,394 2,265,053 
Taxes and duties payable(19,642)1,303 1,392 — — 1,931 1,118 — — — — 474 — 
Other current liabilities3,569,254 3,432,817 685,589 53,145 42,816 640,900 64,609 499,376 300,115 47,795 1,238,160 1,816,053 317,174 
Total liabilities33,017,406 3,456,108 692,713 238,912 252,173 643,569 80,150 500,383 2,386,540 868,134 11,063,622 6,682,921 2,582,227 
Equity (deficit), net6,851,457 (2,910,796)(531,480)(156,409)(171,346)(471,793)(4,919)(175,479)(1,975,422)(438,083)(5,296,495)(2,697,117)(1,319,576)
License contracts
As of /For the year ended
December 31, 2025		TriónBlock 3Block 2Block 5Block 18Block 22Cárdenas MoraOgarrioMiquetla
Sales:
Net sales— — — — — — 893,766 849,310 165,325 
Cost of sales859,597 753 6,491 221,061 238,545 4,896 429,711 467,395 79,863 
Gross income (loss)(859,597)(753)(6,491)(221,061)(238,545)(4,896)464,055 381,915 85,462 
Other income (loss), net(69,368)5 — 816,333 753,132 57 15,622 (14,079)(1,145)
Administrative expenses— — — — — — — 37,084 27,582 
Operating income (loss)(928,965)(748)(6,491)595,272 514,587 (4,839)479,677 330,752 56,735 
Taxes, duties and other— — — — — — — — — 
Net income (loss)(928,965)(748)(6,491)595,272 514,587 (4,839)479,677 330,752 56,735 
Cash and cash equivalents— — — — — — 2,398 — — 
Accounts receivable190,070 109,361 742,289 23,960 25,519 616,217 3,091,751 6,806,758 650,046 
Total current assets190,070 109,361 742,289 23,960 25,519 616,217 3,094,149 6,806,758 650,046 
Wells, pipelines, properties, plant and equipment, net6,116,609 — — — — — 1,731,779 1,494,352 259,076 
Total assets6,306,679 109,361 742,289 23,960 25,519 616,217 4,825,928 8,301,110 909,122 
Suppliers7,235,644 288,962 1,118,014 89,438 99,996 1,104,226 8,586,315 8,426,002 838,295 
Taxes and duties payable— — — 6,490 6,928 — 7 — — 
Other current liabilities— 50,949 181,398 317,893 342,319 105,166 161,889 4,238,147 64,007 
Total liabilities7,235,644 339,911 1,299,412 413,821 449,243 1,209,392 8,748,211 12,664,149 902,302 
Equity (deficit), net(928,965)(230,550)(557,123)(389,861)(423,724)(593,175)(3,922,283)(4,363,039)6,820