Overview

• Pemex’s direct operating and project spending is set at 517,362 million pesos for 2026, a real increase of 7.7% versus 2025.
• The fiscal plan targets a lower Pemex public‑debt balance at end‑2026 than in 2025, signaling a net deleveraging goal.
• Authorities outline an integrated strategy to bolster liquidity, optimize debt maturities, cut supplier payables and reduce financing costs.
• News outlets report conflicting totals for Pemex’s overall 2026 budget, citing 780,862 million pesos versus 708,862 million pesos.
• Debt service is projected at 190,838 million pesos in 2026, up 29% year over year, with about $18.7 billion in maturities concentrated that year.