Petróleos Mexicanos (Pemex) reported a net profit of 59.5 billion pesos in the second quarter of 2025, reversing losses from the previous year. The gains were attributed to a favorable exchange rate due to the peso's appreciation against the dollar, as well as reductions in sales costs, taxes, and financial and operational expenses. For the first half of 2025, Pemex posted profits of approximately 16 billion pesos (857 million dollars), partially offsetting losses of 268.6 billion pesos recorded in the same period of 2024. Despite this improvement, the company’s financial obligations remain substantial, with its total financial debt decreasing slightly from $101.1 billion to $98.8 billion (equivalent to 1.866 trillion pesos) by the end of the second quarter. Pemex’s debt with suppliers increased by 6.4%, exceeding 26 billion pesos, and its total liabilities reached over 4.1 trillion pesos, representing 44.3% of Mexico’s federal budget. To support Pemex's liquidity and financial obligations in 2025 and 2026, the Mexican government issued $12 billion in pre-capitalized notes (P-Caps). The Secretariat of Finance and Public Credit (SHCP) clarified that this issuance does not constitute direct federal government debt but will be incorporated into the country's public debt stock. Following this debt issuance, Fitch Ratings upgraded Pemex’s credit rating by two notches to 'BB', citing stronger government support and improved financial profile, though it noted that the company remains vulnerable due to its high debt levels and low investment. The upgrade reflects increased investor confidence that Pemex can meet its short-term obligations with continued government backing. Additionally, Pemex’s Dos Bocas refinery reached a processing peak of 191,000 barrels per day in June 2025, which is below its target capacity of 340,000 barrels per day and accounts for 17% of the National Refining System.