PEMEX Resumes Payment of Shared Utility Rights (DUC)

PEMEX resumed its payment of Shared Utility Rights (DUC), transferring MX$22.661 billion to the Mexican Petroleum Fund (FMP) in March. After a two-month hiatus in contributions to the Federation Treasury, PEMEX reinstated payments for DUC and hydrocarbon extraction rights (DEXTH) to the trust managing oil revenue.

Since August 2023, PEMEX has experienced fluctuations in DUC and DEXTH payments, the primary components of oil income managed by the FMP. While the recent payments in March are a positive sign, they represent a 38.5% decrease compared to the same period in 2023.

According to La Jornada, between August 2023 and March 2024, PEMEX made significant contributions: MX$55.944 billion in October, MX$30.695 billion in December, and MX$19.650 billion in March. Despite periodic delays in payments, the FMP continued its transfers to the Federation Treasury until the start of 2024.

In a departure from previous years, January 2024 saw the suspension of contributions from PEMEX to the FMP, reflecting ongoing challenges in the oil sector. While support measures were announced by Deputy Minister of Finance, Gabriel Yorio, it was not until Jan. 24 that the Ministry of Finance and Public Credit officially extended the deadline for PEMEX to fulfill its tax obligations without incurring fines.