PEMEX Pays Suppliers but Economic Impact Persists

PEMEX has paid MX$75 billion (US$3.65 billion) to suppliers, covering 18% of its documented debt as of September 2023. Minister of Energy Luz Elena González announced that PEMEX aims to settle the rest of its obligations by March, though new debts will continue to accumulate.  

PEMEX’s financial debt has declined from US$114 billion to US$97 billion, while González assures that all obligations are being met. The company has been authorized a debt ceiling of nearly MX$250 billion in the Federal Income Law (LIF) 2025, meaning one in every five pesos of new federal debt will be allocated to PEMEX. However, President Claudia Sheinbaum stated that PEMEX will not seek funding from international markets. Instead, the Ministry of Finance will secure resources for the company’s investments under more favorable terms.  

Sheinbaum also confirmed that private companies will contribute 30% of the expected liquid hydrocarbon production under mixed contracts, paying 30% of their crude oil commercialization revenue and 11% of their gas sales revenue to the government.  

González emphasized PEMEX’s primary role in exploration and extraction. "PEMEX is given the power to always decide first-hand on the country's resources for exploration and exploitation," she said. "PEMEX can turn to the private sector when it does not want to or is not capable of carrying out some activities, either because it is feasible to share risks or because it is also feasible to share costs, or due to extreme technical conditions."  

PEMEX’s CEO Víctor Rodríguez Padilla clarified that private sector participation will no longer occur through bidding rounds but within PEMEX’s own assignments, with activities defined by the company.  

Despite these developments, concerns remain among PEMEX suppliers, particularly in Tabasco, where payment delays have caused economic strain. According to Eustacio Pérez, PEMEX Contractor Front, only 10% of suppliers have received payments, primarily those with direct contracts with PEMEX.  

Uncertainty surrounding payment schedules has impacted multiple sectors. The hotel industry, in particular, has been affected, with Alberto Zurita de Rivero, President, Mexican Association of Hotels and Motels, Tabasco Delegation, reporting a downturn in event bookings and reservations.  

The Tabasco Business Coordinating Council (CCET) noted that job losses in the oil sector have significantly affected the local economy. According to the Mexican Social Security Institute (IMSS), the state has lost 10% of its registered oil sector workforce, reducing overall economic activity in the region. Beltrán estimated that this could represent a 25% to 30% decline in the local economy.