Pemex resumes payment of rights; contributes 22,661 million pesos to the Treasury

After two months in which the Mexican Petroleum Fund (FMP) stopped making transfers to the Federation Treasury, in the absence of contributions from Petróleos Mexicanos (Pemex); In March, the main state company once again paid the shared utility and hydrocarbon extraction rights, which allowed oil revenue to contribute 22,661 million to the public budget.

Official data, updated this week by the FMP, show that after not having done so in the first two months of the year, the Mexican oil company delivered 19,650 million pesos in shared utility rights (DUC) and hydrocarbon extraction rights (DEXTH). ) to the trust that manages the oil revenue and this in turn made the transfers to the Treasury.

Since August of last year, Pemex began a swing in the payment of DUC and DEXTH, which are the main items of oil revenue administered by the FMP (bit.ly/44tzAwu). Although these rights were delivered again in recent March, they reflected a drop of 38.5 percent compared to what was registered in the same month of 2023.

Official information shows that in eight months – from August of last year to this March 2024 – only DUC and DEXTH were delivered in October (55,944 million pesos); December (30,695 million) and the most recent in March (19,650 million). Although delays in the payment of rights were a constant in the second half of the year, transfers to the Federation Treasury by the FMP were not suspended until 2024 began.

Between August and December of last year, without skipping any months, the FMP transferred a total of 106,875 million pesos to the Treasury to finance the Federation’s Expenditure Budget. These deliveries were suspended in January and extended for a two-month period, something not recorded since 2015 when the trust existed to manage oil revenue.

Since last year, there had been delays in the delivery of contributions from Pemex to the FMP as part of the support measures for the oil company, announced by the Undersecretary of the Treasury, Gabriel Yorio months ago. However, it was not until January 24 that the Ministry of Finance and Public Credit formally extended the deadline for Pemex to deliver both taxes, without the delay being reflected in a fine for the state company.

To this support, then came a tax credit – as debts to the treasury are called, or income that the State has the right to receive – for contributions not delivered by the oil company since October.

In the decree of February 13 in which the measure was determined, the Treasury did not inform how much the tax truce was equivalent to, but agencies estimated that it could exceed 100 billion pesos.