The problem of Pemex is complex, with considerable capital needs to improve its financial situation. The previous administration supported the oil company with capital contributions and tax forgiveness of 1.6 trillion pesos. The current plan seeks to stabilize crude oil production at 1.8 million barrels per day and strengthen state-owned productive companies, proposing to modify Pemex as a public company while maintaining "energy sovereignty."
Pemex, as the most indebted oil company in the world, faces a debt of 97.3 billion dollars. In response to this, the National Hydrocarbons and Gas Strategy was presented, focusing on addressing domestic demand and reducing crude oil exports. However, the proposed strategy does not seem to fundamentally address the lack of capacity to meet its liabilities, streamline operations, and focus on extraction and production.
Pemex's financial maturities between 2025 and 2026 exceed 20 billion dollars, indicating the need for more government support. Nevertheless, the plan includes mixed investment in hydrocarbon and natural gas projects, working on reducing expenses and meeting debt commitments. It is essential to highlight that an increase in hydrocarbon and natural gas production with private participation is expected.
The strategy also includes tax simplification and the merging of subsidiary companies to achieve operational efficiencies, consolidating Pemex into a single entity. Although details are yet to be unveiled, it is suggested that the current plan does not fully address Pemex's issues, especially in terms of long-term sustainability. Investors are closely monitoring the oil company's guidelines, hoping for greater clarity on private initiative participation and the secondary regulation that will define its role in the industry.
