The Deer Park refinery, which is in Texas and operated by Mexico's state-owned oil company Pemex, reported a loss of $80 million at the end of 2025. This marks a troubling trend for the refinery, which has now experienced two consecutive years of losses since Pemex gained complete control of the facility in 2022 following their acquisition of ownership from Shell.

Initially, after Pemex's purchase of the majority stake in Deer Park, the results looked promising, with the refinery reporting profits of $954 million in 2022 and $581 million in 2023. However, in 2024, the narrative took a turn as the refinery experienced a significant loss of $118 million, indicating underlying operational issues that have continued into 2025. The operational downturn highlights challenges in efficiently managing such a significant asset amid fluctuating market conditions.

Furthermore, in 2025, Deer Park processed an average of 261,300 barrels of crude oil daily, showing a 3.9% decline compared to the previous year. This decline in production reflects not only the operational difficulties of the refinery but also potential larger implications for Mexico's energy policy and Pemex's role in ensuring energy security within the country. As the losses compound, Pemex may need to reassess its strategies for the Deer Park facility and its overall approach to refining operations to ensure long-term viability.