The Ministry of Finance and Public Credit and Pemex will pay 6.4 billion dollars in debts to suppliers and contractors between March and April, as revealed by Rocío Abreu, president of the energy commission of the Chamber of Deputies on Tuesday, March 18. It is expected to settle 3 billion dollars in March and another 3.4 billion dollars in April as part of Pemex's payment schedule. However, this amount only represents 25.6 percent of the total debt that Pemex has with its suppliers and contractors.
Pemex's debt to its suppliers amounted to 506.153 billion pesos by the end of 2024, showing an annual increase of 37.4 percent. Rafael Espino de la Peña, president of the Mexican Association of Petroleum Service Companies (Amespac), noted that Pemex's debt to association members is around 100 billion pesos, of which more than half corresponds to work already completed but not yet invoiced.
According to Espino, despite some payments received in recent weeks, many of them have been carried out through a financial factoring scheme, which he qualifies as a temporary relief but not a definitive solution. Amespac members are optimistic about the signs of payment, highlighting the increased sensitivity of Luz Elena González, Secretary of Energy, to this issue.
Pemex’s financial challenges are intensifying due to a 10.7 percent fall in Capex investment - aimed at acquiring, improving, or maintaining long-term physical assets - during this year. This poses a significant challenge to addressing the decline in oil production. The natural decline could reach 30,000 barrels per month if investments in exploration and new wells are not maintained.
Pemex seeks to lead a revitalization amid operational and financial problems, with refineries facing losses and considerable debt. The company has halved its production since its peak two decades ago. Plans have been implemented to optimize Pemex’s corporate structure and improve efficiency, with key projects like the coking units at the Salina Cruz and Tula refineries nearing completion, according to Víctor Rodríguez, director of Pemex.
President Claudia Sheinbaum has mentioned the enactment of an energy reform during the Oil Expropriation event, highlighting that this will be the first step to boost Pemex's production, increase efficiency, strengthen partnerships with the private sector, and reduce debt. The financing plan includes a factoring scheme to reimburse suppliers.
