Overview
- Since 2015, Mexico has funneled about 3.3 trillion pesos to Pemex, with roughly 91% during AMLO’s term, yet the company’s finances have not stabilized.
- IMEF estimates negative equity near $100 billion, alongside large payables to suppliers and a short‑term debt maturity calendar around $20 billion.
- The institute says Pemex’s cash generation is effectively absorbed by its refining arm, undermining any broader financial recovery.
- Union prerogatives are flagged as a major obstacle to cost reductions even as Pemex is described as effective at extracting and selling crude.
- The 2026 federal budget sets aside 780 billion pesos to reduce debt, while Pemex remains rated at junk status despite slight upgrades linked to government support.