During the Calderón and Peña administrations, Pemex's debt doubled to reach 106 billion dollars, according to statements. On another note, Pemex's CEO, Víctor Rodríguez Padilla, announced that they have managed to counteract the natural decline of oil fields during his tenure. Three discoveries have been made with an estimated 100 million barrels.
In a symbolic act, Mexico's president, Claudia Sheinbaum, signed the secondary laws on energy matters that establish that Pemex and CFE cannot be considered monopolies and will begin a restructuring process in both companies. On the occasion of the 87th anniversary of the oil expropriation, Sheinbaum highlighted the reform to constitutional article 28 that grants Pemex and CFE a preponderance in the production of oil, refining, and electricity.
For his part, the CEO of Pemex indicated that the company will produce more gasoline, diesel, and jet fuel, which will have a positive impact on its operations. In the coming months, Pemex will implement vertical and horizontal reintegration processes within the company, accompanied by administrative streamlining measures, budget control, and selectivity in investments.
President Sheinbaum lamented that during the neoliberal period, Pemex did not see the benefits of its oil surpluses, accumulating significant debt. During Calderón's administration, significant sums were received due to high oil prices, but there was no clear benefit from these resources. In this context, the identification of new prospective resources for the company and a refining yield above 60% were highlighted.
In summary, it is expected that the restructuring of Pemex and CFE, along with the new legal framework, will strengthen the operations of these companies for the benefit of the Mexican population.
