The Petróleos Mexicanos (Pemex) refinery located in Deer Park, Texas, reported a loss of $80 million during 2025, which represented its second consecutive year in the red since the oil company acquired 100 percent of the refinery in 2022.
Four years ago, Pemex decided to obtain full control of Deer Park operations, which is why it acquired 50.005 percent of the participation that the British oil company Shell had in the refinery.
In that year of transition, Deer Park posted profits of $954 millionwhile in 2023 profits amounted to $581 million.
However, in 2024 it recorded its first red numbers, reporting losses of $118 million.
In 2025, the Texas refinery received a ‘major maintenance surgery’ that required an investment of at least $500 million, stated the general director of Pemex, Víctor Rodríguez Padilla, in October 2025.
Adán Enrique García, general director of PMI International Commercepointed out in a conference with investors that refining margins on the northern coast of the Gulf of Mexico were reduced compared to the maximum levels observed in November 2025.
However, various market factors continue to support the sector’s profitability. Among them are the gradual start-up of new facilities, scheduled maintenance at refineries and the sustained reduction of fuel inventories.
“Supply and demand balances indicate solid refining margins for the next two years. Refining capacity utilization on the Gulf Coast increased in December due to lower maintenance activity,” he said.
Deer Park wins in reliability
The manager added that the Deer Park refinery recorded its best reliability performance in the last three years, as it maintained historic production levels despite reduced capacity during the middle of the fourth quarter due to maintenance.
“Major maintenance was completed with this. All units restarted safely and operated at planned capacity. The operation maintains a focus on optimization and profitability. In addition, discipline in capital use and expense control is maintained and during 2025, Deer Park was self-sufficient and did not require a line of credit,” he added.
Due to the year-end maintenance, the refinery’s operating results were reduced during 2025.
Last year, Deer Park processed an average of 261.3 thousand barrels per day of crude oil, which represented an annual decrease of 3.9 percent, while in the production of gasoline, diesel and jet fuel, a production of 240 thousand barrels per day was reported, a drop of 6.3 percent compared to the previous year.
