Pemex reports financial and productive strength after reducing its debt by 25%

Mexico City. Almost two months before the end of its six-year term, Petróleos Mexicanos (Pemex) reports “financial and productive solidity” after reducing its net debt by 25 percent, which represents a payment of 33 billion dollars less, the company said.

At the beginning of the current administration, the oil company had a debt of 132.3 billion dollars and at the end of the first half of 2024 it rose to 99.4 billion dollars, it indicated in a report to the deputies of the Energy Commission.

The information highlights that in 2018, “a company was found to be heavily indebted due to the abuse of six or seven consecutive six-year terms that milked it. One of the first measures was to reduce the Right to Shared Utilities (DUC), the tax with the greatest impact, which went from 65 percent to 30 percent.”

The company’s director, Octavio Romero Oropeza, has pointed out that thanks to the reduction of Pemex’s obligations, it is no longer necessary to contract new debt to pay taxes or undertake investments.

During this six-year period, Pemex explained, it has received transfers for 1.14 trillion pesos, and with the resources granted, it has paid 624 billion pesos in amortizations, and the rest of the funds, that is, 390 billion pesos, were allocated for the construction of infrastructure such as the Olmeca Refinery, to which 320 billion pesos were allocated; or the acquisition of the Deer Park Refinery at a cost of 23 billion pesos.

17 billion pesos were also invested to rehabilitate the National Refining System (SNR), while an additional four billion pesos were invested in the recovery of the fertilizer plants; the hydrogen plant at the Madero Refinery was acquired with a billion pesos, and 25 billion pesos were paid for other projects.