Overview

• Claudia Sheinbaum cited about 1.6 trillion pesos in petroleum revenues to argue that Pemex is a profitable enterprise.
• The government projects Pemex’s debt at $88 billion by the end of this year as a step toward $77 billion by 2030.
• The finance ministry executed a payment deferral of roughly 300 billion pesos this year to provide short-term relief, with significant interest costs still expected in 2026.
• Government figures show Pemex’s debt rose from $46 billion in 2007 to $105 billion in 2018, then declined by $32 billion under Andrés Manuel López Obrador to about $90 billion.
• Sheinbaum blamed earlier administrations and corruption cases for the debt overhang and stressed that Pemex must keep investing in exploration, production and maintenance while servicing liabilities.