Inside Pemex’s plan to reach fiscal solvency by 2027

Financial self-sufficiency starting successful 2027 is among the objectives of a 10-year strategical program for the heavy indebted authorities lipid institution Petróleos Mexicanos (Pemex).

Among the different goals of the Comprehensive Capitalization and Financing Strategy are to importantly trim Pemex’s indebtedness and summation the home accumulation of earthy gas, a substance that the United States presently supplies to Mexico successful ample quantities.

Federal officials presented the program astatine President Claudia Sheinbaum’s greeting property league connected Tuesday, 4 days aft Fitch Ratings upgraded Pemex’s semipermanent issuer default ratings and a week aft the Finance Ministry announced the placing of US $12 cardinal successful a indebtedness offering to enactment the authorities lipid company.

Sheinbaum told reporters that the authorities has carried retired a “meticulous revision” of Pemex and created a “vision” for the aboriginal of the company, which past week reported indebtedness of astir $99 billion.

“What we person is simply a broad vision,” said the president, who asserted that by 2027, Pemex won’t necessitate immoderate fiscal enactment from the national Finance Ministry.

Finance Minister: Pemex’s indebtedness to diminution 26% beneath 2019 level by 2030

Finance Minister Édgar Amador Zamora noted that the Finance Ministry, the Energy Ministry, Pemex and national improvement slope Banobras worked connected the program for the authorities lipid company.

He presented information that showed that Pemex’s indebtedness accrued from $43.3 cardinal successful 2008 to $105.8 cardinal successful 2018, the last twelvemonth of the medication of erstwhile president Enrique Peña Nieto.

Amador said that by the extremity of this year, Pemex’s indebtedness is forecast to person declined to $88.8 billion, 16% little than successful 2018.

He said that the Comprehensive Capitalization and Financing Strategy, “through a bid of efforts” and “operations,” volition let Pemex to trim its indebtedness by 26% compared to 2019, the archetypal afloat twelvemonth of the presidency of Andrés Manuel López Obrador.

The forecast Amador presented showed Pemex’s indebtedness astatine $77.3 cardinal successful 2030.

Mexico’s concern curate said connected Tuesday that his ministry volition proceed to supply Pemex enactment this twelvemonth and next, but cease successful 2027. (Graciela López/Cuartoscuro)

He said that the government’s plan, which includes supporting Pemex to marque important indebtedness repayments this twelvemonth and next, volition alteration the authorities lipid institution to scope a “very sound” liquidity presumption that volition let it to concern its ain operating expenses starting successful 2027.

Amador highlighted that the erstwhile national government, nether López Obrador, (gradually) reduced Pemex’s Shared Profit (DUC) levy from 65% to 30%.

“That has contributed to a precise important betterment successful the liquidity position, the fiscal spot … of Petróleos Mexicanos,” helium said.

The sanction of the levy was changed by the Sheinbaum medication to Derecho Petrolero para el Bienestar — a taxation connected lipid for “well-being.”

Sheinbaum stressed that the “well-being” taxation connected non-associated earthy state is conscionable 12%, and asserted that the debased complaint “allows Pemex to capitalize.”

She said that successful 2025 and 2026 Pemex has to wage “very precocious amortizations of its debt” arsenic good arsenic involvement payments and volition truthful necessitate Finance Ministry enactment successful the abbreviated term.

“But successful 2027, acknowledgment to each the enactment the Finance Ministry has done, Pemex volition spell retired connected its own; it won’t request enactment from the Finance Ministry,” Sheinbaum said.

Reuters reported that $5.1 cardinal of Pemex’s enslaved indebtedness is owed for repayment this year, followed by $18.7 cardinal successful 2026 and $7.7 cardinal successful 2027.

The 3 main pillars of the Pemex plan  

Amador said that the Pemex strategy has 3 main “ejes” (pillars oregon cardinal tenets).

• The “determination” of the Derecho Petrolero para el Bienestar, acceptable astatine a complaint of 30% for lipid and 12% for non-associated earthy gas.

Amador said that the little levy rates “optimize” (i.e. reduce) Pemex’s taxation load and incentivize the institution to transportation retired “a precise businesslike productive concern strategy successful the agelong term.”

•  Support from the Finance Ministry that allows Pemex to trim its debt.

Amador noted that the authorities has already supported the authorities lipid institution to wage down its debt, including with past week’s indebtedness offering and currency injections. He indicated that further enactment volition beryllium provided this twelvemonth and next, but volition cease successful 2027.

•  Monetary enactment to concern “productive investment.”

#Mexico: “Pemex Is astatine a Crossroads.” Recommended from @CSISAmericas elder subordinate @ignandez.

Mexico could beryllium a nett lipid importer by 2030. “The cardinal contented dragging Pemex is its $101 cardinal indebtedness pile, making it the world’s astir indebted lipid company.”🎯https://t.co/I9ps6o97Z2 pic.twitter.com/PQqN24fCGh

— Ryan Berg, PhD (@RyanBergPhD) August 1, 2025

Banobras wide manager Jorge Mendoza Sánchez said that a 250-billion-peso (US $13.3 billion) concern conveyance has been created to money lipid assemblage projects successful 2025 alone.

He said that the “investment fund” volition beryllium financed by state-owned improvement banks, commercialized banks and “the concern nationalist successful general.”

“… It’s important to notation that this enactment reaffirms the committedness we person wrong Banobras and [Mexico’s other] improvement banks to proceed supporting Petróleos Mexicanos,” Mendoza said.

“… It volition beryllium an charismatic [investment] conveyance and, successful addition, it volition person a warrant from the national government, which volition marque its financing outgo precise low,” helium said.

Energy curate outlines ‘clear objectives’ of Pemex plan 

Energy Minister Luz Elena González Escobar enumerated a database of “clear objectives” of the 2025-35 program for Pemex. They include:

• Guaranteeing “stable” lipid accumulation of 1.8 cardinal barrels per day.
• Increasing accumulation of “high-value” lipid products (gasoline, diesel, pitchy fuel) successful enactment of the purpose of achieving self-sufficiency for fuel.
• “Relaunching” Mexico’s petrochemicals manufacture and expanding the accumulation of fertilizers “to enactment nutrient sovereignty.”
• Increasing earthy state production.
• Supporting renewable vigor initiatives successful bid to trim greenhouse state emissions.

González asserted that the government’s program volition resoluteness Pemex’s “structural challenges” and acceptable it up for a palmy future.

She besides said that “energy sovereignty” is “at the halfway of the 2nd communicative of the 4th transformation” — i.e., achieving vigor sovereignty is simply a cardinal precedence of the Sheinbaum administration, which says it is continuing the “transformation” initiated by the 2018-24 López Obrador government.

Mexico’s state accumulation falls abbreviated arsenic US imports surge to grounds levels

Pemex CEO outlines ‘operational plan’ for authorities lipid company

The strategy for Pemex implicit the adjacent 10 years is “fundamentally” aimed astatine “increasing the revenue, reducing the costs and improving the fiscal profile” of the authorities lipid company, said CEO Víctor Rodríguez Padilla.

He said that Pemex would bash a scope of things to execute those goals. They include:

• Developing 2 ample Gulf of Mexico lipid fields, namely Zama and Trion.
• “Reactivating” lipid accumulation astatine fields that inactive person “potential.”
• Increasing earthy state accumulation by taking vantage of the “resources we person some successful the southbound and north” of the country.
• “Rebuilding the full petrochemicals system.”
• Building 3 caller state pipelines that link to economical improvement hubs.
• Resolving state proviso problems connected the Yucatán Peninsula.
• Building “four cogeneration plants” successful Hidalgo (Tula), Oaxaca (Salina Cruz), Veracruz (Cangrejera) and Tabasco (Nuevo Pemex).
• Improving the “marketing of the products we sell” successful bid to “have amended sales.”
• Developing renewable projects, including star and upwind ones.
• Exploiting lithium resources.

Rodríguez said that Pemex “is and volition proceed to beryllium a cardinal subordinate successful the well-being and sustainable improvement of the country.”

The authorities lipid institution has 7 refineries successful Mexico, including the precocious built Olmeca Refinery connected the Tabasco coast. It besides owns a refinery successful Texas, and operates state stations crossed Mexico.

Last week, Pemex reported its archetypal quarterly nett successful a year, adjacent arsenic crude and earthy state accumulation declined successful yearly presumption betwixt April and June. An appreciation of the Mexican peso against the US dollar allowed Pemex to flooded a driblet successful revenues and grounds a nett successful Q2 of 2025.

With reports from El Economista, La Jornada, Milenio, El Universal and Reuters