Energy and transition economics
2026-04-26
11 minute read
17 sources
Pemex 2026: a 1.5 mbpd national champion, a USD 99.5 billion debt stack, and Sheinbaum's energy sovereignty bet
Mexico's national oil company has fallen from a 3.4 mbpd peak in 2004 to 1.50 mbpd in 2024, accumulated USD 99.5 billion of financial debt, and absorbed roughly USD 20 to 30 billion of federal transfers per year. President Sheinbaum inherits a USD 30 billion maturity wall through 2027, a refining system running at 80 percent utilization, and a constitutional commitment to zero net imports of motor fuels by 2030.
Pemex remains the most indebted national oil company in the world, with USD 99.5 billion of financial debt at year end 2024 (Form 20-F, April 2025) and a maturity profile that requires roughly USD 30 billion of refinancings between 2025 and 2027. Crude production fell to 1.50 million barrels per day in 2024, against 1.71 mbpd in 2023 and ...