PEMEX’s Rocky Start: The Week in Oil and Gas

Mexico’s oil-dependent states are grappling with economic challenges as delayed payments from PEMEX disrupt local supply chains and employment. 

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Local Economies Hit by PEMEX Delayed Payments

Over MX$60 billion of PEMEX’s debt is owed to local companies, with approximately 120 businesses in Tabasco and Campeche holding direct contracts. The delayed payments have impacted the job markets of oil and gas-dependent states, including Tabasco, Campeche, and Tamaulipas, where significant employment declines were reported in 2024.  

Halliburton’s Latin American Revenue Falls Due to Mexico Slowdown

Halliburton reported a 9% decline in revenue in Latin America for 4Q24, driven primarily by reduced activity across multiple product lines in Mexico, the company announced on Jan. 22, 2025. Latin American revenue totaled US$953 million, down from over US$1 billion in 4Q23.  

PEMEX Cancellations, Payment Delays Hit Offshore Drillers

Two major offshore drilling companies, Borr Drilling and Paratus Energy Services, have reported substantial overdue payments and operational disruptions linked to their contracts with PEMEX.

FGR Transfers Seized Stolen Fuel to PEMEX

The Attorney General's Office (FGR), through the Specialized Prosecutor's Office for Regional Control in Tlaxcala, transferred 15,250L of seized hydrocarbon mixtures to PEMEX. The hydrocarbons were recovered as part of federal investigations into crimes related to illegal fuel handling, or huachicol.

PEMEX Ordered to Disclose Details on Fuel Shipments to Cuba

PEMEX must provide detailed information on fuel shipments sent to Cuba during the administration of Andrés Manuel López Obrador and the first month of Claudia Sheinbaum’s administration, according to a National Institute for Transparency, Access to Information, and Protection of Personal Data (INAI) ruling.