Mexico’s Petroleos Mexicanos diminished its debt to the bottom stage in 11 years, a hopeful signal for the struggling state-owned oil firm because it seeks to reverse a decades-long manufacturing decline and revive its money-losing refining enterprise.
The corporate lower its whole debt to roughly $84.5 billion, based on an organization presentation, after receiving greater than $40 billion of assist final yr from Mexico’s finance ministry by debt purchases and money injections.
Pemex additionally made about 390.2 billion pesos ($22.7 billion) of funds to companions in 2025, Chief Govt Officer Victor Rodriguez mentioned in a press briefing Wednesday, one other indication the corporate is making headway in whittling down its massive money owed to service suppliers.
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The corporate’s crude oil output has dropped by about 50% from its peak greater than twenty years in the past. For years, Pemex has struggled to carry new discoveries on-line as manufacturing fell at a lot of its most prolific fields.
Mexican President Claudia Sheinbaum is looking for a turnaround by attracting extra non-public funding to the nation’s ageing oil and fuel fields, with the purpose of constructing Pemex self-sufficient by 2027. Sheinbaum mentioned Wednesday that authorities monetary help for the corporate might proceed subsequent yr.
Pemex is also taking steps to enhance effectivity at its ageing refineries, which have been hit by accidents and outages in recent times. Mexico’s flagship Dos Bocas plant is now producing about 300,000 barrels of gasoline per day, Sheinbaum mentioned, lifting whole output on the nation’s home refineries to round 1.2 million barrels a day.
Individually, Pemex has drawn criticism from US President Donald Trump over its oil gross sales to Cuba. Sheinbaum mentioned Mexico is holding diplomatic talks to maintain supplying oil to the communist nation on humanitarian grounds. Mexico offered practically $500 million of crude to the island in 2025, she mentioned Wednesday.
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