Introduction to Pemex and Its Current Financial Situation
Petróleos Mexicanos (Pemex), Mexico’s state-owned petroleum company, has seen its financial liabilities rise once again, surpassing $100 billion as of September 30, 2025. This represents a 2.7% increase from the $97,632 million recorded at the end of 2024. Additionally, commitments to suppliers have risen to $517,098 million, marking a 2.2% increase from the $505,989 million at the end of 2024 and a 20% jump from $430,540 million in June of the same year.
Pemex’s Efforts to Manage Debt
In response to the growing debt, Pemex has been executing various strategies in coordination with the Secretaría de Hacienda y Crédito Público (SHCP) to enhance its credit profile. These efforts include a bond repurchase program and consistent payments to suppliers, totaling approximately $300 billion this year. However, these measures have yet to reflect in reduced debt balances by the end of the third quarter.
Bond Repurchase Program
As part of the Integral Strategy for Capitalization and Financing, Pemex conducted a bond repurchase worth up to $9.9 billion, issuing a $11.3 billion report in August 2025. The purpose of this operation was to address short-term obligations, contributing to a 2.7% increase in financial liabilities by the end of the third quarter.
Pemex’s Outlook and Supplier Commitments
Despite the rising debt, Pemex remains optimistic that its financial operations will reduce short-term debt by around 32% and overall debt by 10% by the end of 2025. If this expectation materializes, Pemex’s debt would close the year at $87,868 million, surpassing the $80 billion target set by Édgar Amador Zamora, SHCP head, in September.
Regarding supplier commitments, Pemex has paid $299,768 million from January to September, demonstrating its commitment to honoring obligations with providers and contractors. Víctor Rodríguez, Pemex’s director, recently informed diputados that these payments have reduced supplier debts by half, though he did not specify the basis for comparison.
Utilizing a $250 Billion Fund
To settle its liabilities, Pemex is using a $250 billion fund structured by Banobras for the state company, announced in August. Rodríguez Padilla mentioned that $26 billion had already been used to settle outstanding payments, with $116 billion planned for distribution in December, January, and February.
Consequences of Unpaid Debts
The crisis of unpaid debts by Pemex to its suppliers has intensified since the previous quarter, with many suppliers reporting precarious conditions and near-bankruptcy in oil-rich states like Campeche and Tabasco. The Mexican Association of Oil Services Companies (Amespac) has highlighted that the lack of payments has also stalled productive activities within Pemex, such as drilling oil wells, which dropped by over 50% from 104 to 46 by August.
