Pemex and its endless debt saga: the drama that no one asked for but we all see
Ah, Pemex, that bottomless pit of financial news that always leaves us with our mouths open (and not exactly for good reasons). It turns out that the most loved and hated state company in Mexico continues to accumulate debts as if they were likes on a viral TikTok. In the second quarter of 2025, the figure reached 430,540 million pesos, 6.5% more than in the first quarter. Translation? Suppliers are more nervous than an influencer on their first live show.
To make matters worse, payments fell by almost 50% between April and June compared to the first three months of the year. In other words, Pemex went from “yes, I’ll pay you” to “wait for me a little bit” in record time. Of course, Juan Carlos Carpio Fragoso, the director of Finance, came to the rescue with a classic: “In the second semester there will be more money”. It sounds like a boyfriend’s promise that never comes, but hey, it’s something.
And the total debt? We took it there, as a personal post-pandemic project
Pemex’s financial debt closed at 1.86 trillion pesos, 9% less than the previous quarter. Miracle? No, the federal government simply put its hands in its pockets (again) to avoid collapse. Of course, to stay afloat, the oil company had to ask for 482.7 billion pesos in financing. Basically, he is living off loans like a college student during exam time.
But not everything is tragedy in this financial soap opera. Pemex reported a profit of 59,516 million pesos, a respite after the stratospheric losses of 2024. The unexpected hero? The Mexican peso, which with its strength gave the company an exchange profit of 134,685 million. Thank you, national currency, for saving us from the abyss (this time).
Of course, crude oil production fell by 8.6%, but at least the refineries (including Dos Bocas) are working. Will it be enough to compensate for the financial mess? Who knows, but in the meantime, Pemex continues to be that friend who always borrows but never stops partying.
Are you surprised by this imbalance between debts and profits? Share this note and join the debate about the future of Pemex. And if you want more economic analysis with a touch of acid humor, explore our content!
