According to the Treasury, “this support is conditioned on Pemex to improve its financial balance in the same magnitude, which ensures that the operation has no impact on the public sector deficit, since debt amortizations are recorded as a reduction in liabilities and not as a budgetary expenditure.”
But, what “worries is that, for the following year it does not have an increase in its investment substantively. This indicates that all the financial support that Pemex will be receiving by the Ministry of Energy, due to the reduction of taxes that pay the federal government, will not be reflected in greater investment, which will postpone and prolong the financial dependence of the company, and will prevent it from becoming sustainable in the medium term. complicated that the promise is fulfilled that your finances will be sustainable in 2027, ”said Jorge Cano, coordinator of the Public Expenditure and Accountability Program of Mexico evaluates.
According to him Economic Package 2026 the budget for Pemex will add 517,362 million pesos, 7.7% more than this 2025, in which cuts were reported. However, the Treasury does not provide details about which part of this money will be used for production, refining exploration or specific refineries.
Also, it is sought that, as far as possible, the balance of Pemex’s public debt at the close of 2026 is less than observed in 2025, which shows the company a net warehouse. “This support will be complemented with other financial strengthening measures, such as the comprehensive strategy to improve its liquidity, the optimization of its maturity profile and the reduction of liabilities with suppliers and their financial cost,” said Hacienda.
As for public companies, Pemex requests a net internal indebtedness roof of 160.6oo million pesos, and a net external of 5.342 million dollars.
Bag of equal size
“The analogy that we always use is that the needs continue to grow, among them, Pemex’s needs, but the bag remains practically the same size, and that implies that this bag must Andrea Larios, researcher at the Center for Analysis and Research, Fundar.
Faced with this context, Iván Benumea, investigator of the Fundar Fiscal Justice Program, considered that this is a fundamental problem that will not be resolved in a single year, so in the Congress of the Union this subject must be addressed, but from an energy transition perspective.
“We should begin to see in what type of projects have to be invested to adapt to the climatic crisis and also towards the decarbonization of the economy. To what extent would it be desirable to reduce the consumption of energy from certain industries for the benefit of society and low -income people?”, The investigator of Fundar questioned.
“I think it is a very important issue in which unfortunately we have not advanced enough, but hopefully in this economic package a conversation can be initiated,” Benumea added.
Meanwhile, with respect to the oil indicators, in the economic package, an average price of $ 60.2 per barrel is expected, in line with the futures curve. At the same time, it is estimated that the oil production platform will remain around the objective of 1.8 million barrels per day, backed by the 2025-2035 strategic plan of Pemex and the growing production of mixed and private projects.
