Background on Pemex and its Financial Situation
Petróleos Mexicanos (Pemex), one of the world’s most indebted oil companies, has been receiving substantial financial support from the Mexican federal government. This assistance aims to bolster Pemex’s finances, especially in light of its significant debt burden.
Government-Approved Budget vs. Actual Support
In 2023, the Mexican Congress approved a budget line of 136 billion pesos for the federal government to transfer resources to Pemex via the Secretariat of Energy (SENER). However, by August, only 119.9 billion pesos had been transferred.
In September, the Secretariat of Public Finance and Credit (SHCP) announced a debt restructuring for Pemex amounting to 253.8 billion pesos. Including the September transfers, the total support for Pemex reached 380.6 billion pesos.
Comparison with Other Government Spending
These figures surpass other government expenditures, such as the 361.171 billion pesos allocated to the Secretariat of Education Public (SEP) and the 275.231 billion pesos designated for housing and community services.
“The financial support to Pemex in Q3 exceeded even the spending of the SEP, which totaled 361.100 billion pesos during the same period,” noted México Evalúa, a monitoring organization.
Debt Restructuring and Its Implications
In September, the federal government issued 13.8 billion USD in debt and repurchased 12 billion USD of Pemex bonds, aligning with the Strategic Plan 2025-2030.
“From a budgetary perspective, the operation has already taken place on the balance sheet… This does not affect the financial balance’s budgetary targets… The federal government capitalized Pemex with this amount (253.8 billion pesos), which represents an expense for the government,” explained Rodrigo Mariscal, head of the Economic Planning Unit at SHCP.
Financial Contribution and Support
Since the previous administration, government support for Pemex has been ongoing. The Strategic Plan 2025-2030 aims for Pemex to become self-sufficient by 2027.
However, México Evalúa reported that federal petroleum revenues totaled 185 billion pesos from January to September. After subtracting the 381 billion pesos allocated to Pemex, a negative balance of 195 billion pesos remained.
“In another perspective, Pemex contributed 1,394 pesos per person to the treasury but received 2,865 pesos in support. This means that every Mexican had to pay 1,471 pesos in taxes to keep Pemex afloat during the first nine months of the year,” added México Evalúa.
Future Support for Pemex
For the upcoming year, greater support for Pemex is anticipated. The Presupuesto de Egresos de la Federación (PEF) 2026 approved a budget line of 263.5 billion pesos for Pemex, doubling the resources allocated for the current year.
“The federal government plans to transfer 263.5 billion pesos to Pemex for debt market and bank loan repayments from previous years. This support is contingent on Pemex improving its financial balance by the same margin, ensuring that the operation does not affect the public sector deficit since debt reduction is recorded as a liability decrease, not budgetary expenditure,” detailed the agency under Édgar Amador Zamora.
Projected Losses for Pemex in 2026
Despite the increased support, México Evalúa projects that Pemex will still incur losses equivalent to 31 billion pesos (230 pesos per person) in 2026, given the anticipated continued reliance on federal transfers.
