The administration of Andrés Manuel López Obrador implemented a significant reduction in Pemex's tax burden as part of the support for the oil company, which will result in the public treasury losing more than 700 billion pesos this year, according to expert calculations.
In a conversation with LPO, César Rivera de Jesús, an energy transition and environment researcher at CIEP, detailed that the Ministry of Finance and Public Credit will stop receiving around 723 billion pesos in 2024 due to the reduction of the Shared Utility Rights (DUC).
During AMLO's government, Pemex has experienced three reductions in its tax obligations, which has resulted in a decrease of the DUC rate from 65% to 35% by the end of the administration. The last modification took place at the beginning of this year, reflecting how the payment has evolved from the beginning of the term until now.
This reduction in the tax burden has been essential for the decrease in the oil company's debt, which fell to 99.391 billion dollars in the second quarter of 2024 from slightly over 105 billion at the beginning of the previous government.
In addition to the resource transfers made by the Treasury, which amounted to one trillion pesos during the entire term and allocated 65% to pay off Pemex's debt, this aid has alleviated the company's short-term financial problems.
However, it is expected that the new Secretary of Economy, Luz Elena González, and the new director of Pemex, Víctor Rodríguez, will provide clarity on the long-term strategy they will follow. Analysts are awaiting more defined signals regarding possible permanent adjustments to the DUC at the legal level, as current modifications are not stable, in addition to the continuity of monetary transfers to the company.
Moodys estimated that Pemex's cash flow requirements for 2026 will reach 20 billion dollars, illustrating the importance of establishing a solid long-term financial strategy for the company.
