v3.25.2
Wells, Pipelines, Properties, Plant and Equipment, Net
3 Months Ended
Mar. 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 March 31, 2025, 2024 and December 31, 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, 2024Ps.1,070,987,449 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 Ps.4,395,700,057 
Acquisitions2,634,900 1,063,180 623,500 7,682,250 20 371,090 541,520 214,780 28,658,120 — 41,789,360 
Reclassifications511,550 — — — 38,830 (550,380)— — — — — 
Capitalization6,068,680 — 5,910 13,749,990 817,350 — 172,560 23,390 (20,865,300)27,420 — 
Disposals(489,040)— (802,610)— (10,370)— (192,280)(169,090)(2,567,600)(5,090)(4,236,080)
Translation effect(1,870,320)— (5,220)— (144,830)— (11,820)(54,190)(4,039,740)(32,940)(6,159,060)
Balances as of March 31, 2024Ps.1,077,843,219 19,976,975 491,266,142 1,716,644,834 74,657,002 425,079,730 54,055,117 33,003,327 481,690,246 52,877,685 Ps.4,427,094,277 
Balances as of January 1, 2024Ps.1,070,987,449 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 Ps.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 Ps.4,773,301,181 
Acquisitions1,665,780 226,380 2,977,500 12,759,400 90 131,250 46,380 81,200 (981,340)— 16,906,640 
Reclassifications— — 522,330 — — — — 30,230 — — 552,560 
Capitalization24,437,010 — 28,990 1,116,280 145,010 — 223,000 33,510 (25,983,800)— — 
Disposals(578,610)(157,820)(596,580)— — (14,800)(280,590)(56,970)(534,810)— (2,220,180)
Translation effect1,453,610 — (243,390)— 30,970 — 8,030 11,800 (26,720)7,070 1,241,370 
Balances as of March 31, 2025Ps.1,174,066,489 24,376,035 509,939,222 1,863,482,614 78,026,582 428,795,770 55,455,037 34,292,937 568,007,440 53,339,445 Ps.4,789,781,571 
Accumulated depreciation and amortizationPlantsDrilling
equipment
PipelinesWellsBuildingsOffshore
 platforms
Furniture and
 equipment
Transportation
equipment
Construction in progress (1)
LandTotal fixed assets
Balances as of January 1, 2024Ps.(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)— Ps.(2,913,377,891)
Depreciation and amortization(8,029,830)(171,490)(3,399,630)(17,070,010)(421,830)(2,937,820)(408,030)(442,057)— — (32,880,697)
Reclassifications(27,520)— — — (18,750)46,270 — — — — — 
(Impairment)(196,860)— (4,202,050)(6,862,990)— (2,393,760)— — (1,277,980)— (14,933,640)
Reversal of impairment— — 1,676,727 5,472,320 — 83,120 — — 55,630 — 7,287,797 
Disposals188,920 — 802,597 — 4,050 — 190,920 99,540 — — 1,286,027 
Translation effect1,069,040 — 5,790 — 67,760 — 5,430 12,920 — — 1,160,940 
Balances as of March 31, 2024Ps.(792,548,879)(7,068,074)(313,979,341)(1,360,349,643)(48,936,976)(306,034,300)(47,146,593)(17,237,889)(58,155,769) Ps.(2,951,457,464)
Balances as of January 1, 2024Ps.(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)— Ps.(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) Ps.(3,122,768,469)
Depreciation and amortization(7,449,280)(106,130)(2,973,390)(21,230,510)(412,090)(2,903,810)(397,860)(430,950)— — (35,904,020)
Reclassifications— 370 (522,330)— — — (370)(30,230)— — (552,560)
(Impairment)(622,910)— (1,390,680)(9,390,840)(36,200)— — — (28)— (11,440,658)
Reversal of impairment3,926,030 — — 1,894,170 — — — — 130 — 5,820,330 
Disposals283,140 68,220 584,600 — — 12,000 280,490 57,002 — — 1,285,452 
Translation effect(216,820)— 172,420 — (15,040)— (7,940)(10,130)— — (77,510)
Balances as of March 31, 2025Ps.(905,662,909)(7,611,784)(331,065,585)(1,441,919,613)(51,950,926)(306,076,600)(46,971,043)(18,885,878)(53,493,097) Ps.(3,163,637,435)
Wells, pipelines, properties, plant and equipment—net as of March 31, 2024Ps.285,294,340 12,908,901 177,286,801 356,295,191 25,720,026 119,045,430 6,908,524 15,765,438 423,534,477 52,877,685 Ps.1,475,636,813 
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 Ps.1,650,532,712 
Wells, pipelines, properties, plant and equipment—net as of March 31, 2025Ps.268,403,580 16,764,251 178,873,637 421,563,001 26,075,656 122,719,170 8,483,994 15,407,059 514,514,343 53,339,445 Ps.1,626,144,136 
Depreciation rates
3 to 5%
%
2 to7%
— 
3 to 7%
%
3 to 10%
4 to 20%
— — 
Estimated useful lives
20 to 35
20
15 to 45
— 
33 to 35
25
3 to 10
5 to 25
— — 
(1)Mainly wells, pipelines and plants.
A.For the three-month periods ended March 31, 2025 and 2024, 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.1,749,532 and Ps. 2,531,378 respectively. Financing cost rates during the three-month periods ended March 31, 2025 and 2024 were 8.35% to 14.11% and 7.82% to 18.68%, respectively.
B.The combined depreciation of fixed assets and amortization of wells for the three-month periods ended March 31, 2025 and 2024, recognized in operating costs and expenses, was Ps. 35,904,020 and Ps. 32,880,697, respectively. These figures include Ps. 1,851,961 and Ps. 36,420 for oil and gas production assets and costs related to plugging and abandonment of wells for the three-month periods ended March 31, 2025 and 2024, respectively.
C.As of March 31, 2025 and December 31, 2024, provisions relating to future plugging of wells costs amounted to Ps. 118,264,318 and Ps. 115,514,750, respectively, and are presented in the “Provisions for plugging of wells” (see Note 16).
D.For the three-month periods ended March 31, 2025 and 2024, the translation effect of property, plant and equipment items from a different currency than the presentation currency was Ps. 1,163,860 and Ps. (4,998,120), respectively, which was mainly plant.
E.During the three-month periods ended March 31, 2025 and 2024, PEMEX recognized a net impairment of Ps. (5,620,328) and Ps. (7,645,843), respectively, which is presented as a separate line item in the condensed consolidated interim statement of comprehensive income as follows:
For the three-month periods ended
March 31,
20252024
(Impairment) / Reversal of
impairment, net
Exploration and ExtractionPs.(9,028,380)Ps.(7,529,638)
Industrial Transformation3,408,052 55,625 
Logistics— (171,830)
(Impairment), netPs.(5,620,328)Ps.(7,645,843)
Cash-Generating Unit of Exploration and Extraction
For the three-month periods ended March 31, 2025 and 2024, the Exploration and Extraction segment recognized a net impairments of Ps.(9,028,380) and Ps.(7,529,638), respectively, shown by CGU as follows:
20252024
Tsimin XuxPs.(2,519,098)Ps.(7,494,656)
Ogarrio Magallanes(886,647)(3,802,863)
Antonio J. Bermúdez1,517,184 (1,881,362)
Lakach(947,562)(1,240,831)
Burgos(1,243,738)(291,449)
Misión (CEE)19,276 (35,310)
Cuenca de Macuspana— (15,342)
Arenque— 242,554 
Poza Rica— 385,159 
Tamaulipas Constituciones— 684,341 
Aceite Terciario del Golfo— 1,699,194 
Cantarell(5,344,778)1,704,579 
Ayin-Alux376,983 2,516,348 
TotalPs.(9,028,380)Ps.(7,529,638)


As of March 31, 2025 the Exploration and Extraction segment recognized a net impairment of Ps.(9,028,380) mainly due to: (i) a negative effect in gas prices of Ps.37,489,937, mainly in the Cantarell, Lakach, Burgos and Tsimin Xux CGUs; and (ii) a decrease in production profiles volume in the barrel of crude oil equivalent generating a negative effect of Ps.5,322,907, mainly in the Cantarell, Tsimin Xux and Ogarrio Sanchez Magallanes CGUs. These effects were partially offset by (i) a decrease in the discount rate of Ps.25,812,652, from 10.86% in December 31, 2024 to 9.99% in March 31, 2025; (ii) an increase in cost and expenses mainly in the Antonio J. Bermúdez and Ayin Alux CGUs, generating a negative effect of Ps.6,047,318; (iii) a positive tax effect of Ps.1,573,687, due to a lower tax base due to the decrease in prices and volumes and (iv) a positive effect of Ps.350,807, due to the fluctuations of the exchange rate from Ps.20.2683 = U.S.$1.00 as of December 31, 2024, to Ps.20.3182 = U.S.$1.00 as of March 31, 2025.

As of March 31, 2024 Exploration and Production recognized a net impairment of Ps.(7,529,638) mainly due to: (i) an increase in cost and expenses mainly in the Tsimin Xux, Ogarrio Sánchez, Antonio J. Bermudez and Lakach CGUs, generating a negative effect of Ps.21,434,654; (ii) an increase in the discount rate of Ps. 19,629,380, from 9.93% in December 31, 2023 to 10.43% in March 31, 2024; (iii) a negative effect of Ps.2,839,959, due to the fluctuations of the exchange rate from Ps.16.9220 = U.S.$1.00 as of December 31, 2023, to Ps.16.6780 = U.S.$1.00 as of March 31, 2024; (iv) a negative tax effect of Ps.1,742,111, due to a lower tax base, resulting from higher costs and expenses at the Aceite Terciario del Golfo, Cantarell and Tamaulipas Constituciones CGUs. These effects were partially offset by an increase in production pr
ofiles volume in the barrel of crude oil equivalent generating a positive effect of Ps.38,116,466, mainly in the Cantarell, Tamaulipas Constituciones and Crudo Ligero Marino CGUs.
The CGUs of the Exploration and Extraction segment are investment projects in productive fields with hydrocarbon reserves associated with proved reserves. These productive hydrocarbon fields contain varying degrees of heating power consisting of a set of wells and are supported by fixed assets associated directly with production, such as pipelines, production facilities, offshore platforms, specialized equipment and machinery.
Each project represents the smallest unit which can concentrate the core revenues, with clear costs and expenses that enable future cash flows (value in use) to be determined.
The Exploration and Extraction segment determines the recoverable amount of fixed assets based on the long-term estimated prices for Exploration and Extraction’s proved reserves. The recoverable amount on each asset is the value in use.
To determine the value in use of long-lived assets associated to hydrocarbon extraction, the net present value of reserves is determined based on the following assumptions:
20252024
Average crude oil price
64.36 U.S.$/bl
65.73 U.S.$/bl
Average gas price
4.07 U.S.$/mpc
4.85 U.S.$/mpc
Average condensates price
71.65 U.S.$/bl
74.91 U.S.$/bl
After-tax discount rate
9.99% annual
10.43% annual
For the three-month periods ended March 31, 2025 and 2024 the total forecast production, calculated with a horizon of 25 years, was 6,764 Billion barrels per day (Bbd) and 6,863 Bbd per day of crude oil equivalent, respectively.
The Exploration and Extraction segment, 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 March 31, 2025 and 2024, values in use for each CGU are:
20252024
Aceite Terciario del GolfoPs.70,237,018 Ps.29,111,363 
Tsimin Xux37,745,764 24,306,763 
Ogarrio Magallanes33,187,237 26,386,676 
Antonio J. Bermúdez31,736,320 22,206,705 
Tamaulipas Constituciones16,056,491 5,042,725 
Cantarell12,866,303 21,757,912 
Poza Rica10,796,596 6,038,332 
Arenque8,114,141 2,742,274 
Lakach2,598,813 — 
Cuenca de Macuspana1,800,121 574,732 
Ayín - Alux1,046,358 4,342,218 
Chuc— 55,399,694 
Crudo Ligero Marino— 32,228,351 
Ixtal - Manik— 13,059,588 
Burgos— 2,640,180 
Santuario El Golpe— 3,451,197 
Cárdenas-Mora— 3,127,784 
TotalPs.226,185,162 Ps.252,416,494 
Cash-Generating Units of Industrial Transformation
For the three-month period ended March 31, 2025 and 2024, the Industrial Transformation segment recognized a net reversal of impairment of Ps.3,408,052 and Ps.55,625, respectively, shown by CGUs as follows:
20252024
Salina Cruz RefineryPs.1,919,341 Ps.— 
Cosoleacaque Petrochemical Complex1,436,266 — 
Morelos Petrochemical Complex131,101 — 
Nuevo Pemex Gas Processor Complex125,831 — 
Madero Refinery102,464 — 
Minatitlán Refinery67,838 — 
Cactus Gas Processor Complex60,247 — 
Ciudad Pemex Gas Processor Complex59,662 — 
Pajaritos Petrochemical Complex13,339 — 
Poza Rica Gas Processor Complex7,147 55,625 
Matapionche Gas Processor Complex2,898 — 
Arenque Gas Processor Complex(533)— 
Cangrejera Ethylene Complex(69,993)— 
Coatzacoalcos Gas Processor Complex(83,852)— 
La Venta Gas Processor Complex(114,194)— 
Tula Refinery(249,510)— 
TotalPs.3,408,052 Ps.55,625 

As of March 31, 2025, the Industrial Transformation segment recognized the net reversal of impairment of Ps.3,408,052 due to an increase in the estimated gross result as a consequence of the stabilization in production levels due to the implementation of the refinery rehabilitation program, to maintain and ensure a stable and optimal level of processing in process plants, auxiliary services and tanks, and a decrease in the discount rate of CGUs of refined products from 14.75% as of December 31, 2024 to 13.79% as of March 31, 2025.

As of March 31, 2024, the Industrial Transformation segment recognized a net reversal of impairment of Ps.55,625 due to a (i) marginal increase in cash flows; (ii) an increase in the discount rate of CGUs of refined products from 13.68% as of December 31, 2023 to 14.46% as of March 31, 2024, and (iii) variations in the exchange rate used in the projected cash flows from Ps.16.9220 = U.S.$1.00 as of December 31, 2023 to Ps.16.6780 = U.S. $1.00 as of March 31, 2024.
To determine the value in use of long-lived assets associated with the CGUs of the Industrial Transformation segment, the net present value of cash flows was determined based on the following assumptions:
As of March 31,
2025202420252024202520242025202420252024
RefiningGas Petrochemicals EthyleneFertilizers
Average crude oil Price (U.S.$)101.67105.5N.A.N.A.N.A.N.A
Processed volume (1)
866 mbd
993 mbd
2,487 mmpcd of humid gas
3,201 mmpcd
 of humid gas
Variable because the load inputs are diverse
Rate of U.S.$20.3182$16.6780$20.3182$16.6780$20.3182$16.6780$20.3182$16.6780$20.3182$16.6780
Useful lives of the cash-generating units (year average)1211768575135
Pre-tax discount rate13.79%14.46%14.56%13.91%10.68%10.51%10.68%10.51%11.86%11.77%
Period (2)
2025-20362024-20342025-20312024-20292025-20322024-20282025-20312024-20282025-20372024-2028
    
(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 the Industrial Transformation segment 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 other CGUs or by a third party. Each processing center of the Industrial 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.
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 March 31, 2025 and March 31, 2024, the value in use for the impairment of fixed assets was as follows:
20252024
Salamanca RefineryPs.34,445,344 Ps.47,317,308 
Cadereyta Refinery34,542,856 — 
Salina Cruz Refinery21,499,189 — 
Tula Refinery18,031,185 — 
Cangrejera Petrochemical Complex11,478,401 — 
Nuevo Pemex Gas Processor Complex8,103,196 — 
Ciudad Pemex Gas Processor Complex6,467,546 — 
Cactus Gas Processor Complex5,279,754 — 
Burgos Gas Processor Complex1,671,119 1,121,968 
Independencia Petrochemical Complex5,555,473 — 
La Venta Gas Processor Complex983,445 — 
Coatzacoalcos Gas Processor Complex905,971 1,635,554 
Morelos Ethylene Processor Complex578,097 — 
Pajaritos Ethylene Processor Complex184,970 — 
Madero Refinery— 3,336,427 
Minatitlán Refinery— 12,874,545 
Cosoleacaque Petrochemical Complex— 809,000 
Poza Rica Gas Processor Complex— — 
TotalPs.149,726,546 Ps.67,094,802