A dramatic turn for Pemex: less debt and more oil
Víctor Rodríguez Padilla, the director of Pemex, came on stage this morning with a script that few expected. At the conference by President Claudia Sheinbaum, she announced that the state company is making a significant financial turnaround.
“For the first time in 11 years, the credit rating of Petróleos Mexicanos has improved”, declared Rodríguez Padilla, highlighting that this reflects credibility and confidence in the actions taken.
The number that makes you jump out of your chair: the financial obligation was reduced by 20%, which means more than 20 billion dollars less. In addition, payments to suppliers were close to 400 billion pesos, a key move to reactivate production chains.
It’s not just numbers, it’s real oil
While talking about balance sheets, Rodríguez Padilla does not forget the heart of the business: crude oil. Here comes the epic.
We reached the highest crude oil processing in history“, he stated, detailing that 1.5 million barrels per day are processed. The Tula and Dos Bocas refineries are protagonists, processing 280 thousand and 320 thousand barrels per day respectively.
But it’s not just quantity. The quality also skyrockets. “We have high-value refining… profits per barrel are increasing,” he explained. More valuable gasoline and diesel is produced, and fewer residual byproducts. The refining margin is around 12 dollars per barrel.
National production increased by more than 122 thousand barrels per day. And there is a secondary actor that is growing at an accelerated pace: fertilizer production rose by 22%.
Sheinbaum: “This is energy sovereignty”
President Claudia Sheinbaum took the microphone to connect the dots between these numbers and a larger project. For her, this goes beyond healthy finances.
“Processing oil in Mexico is essential. Before, gasoline was imported, today it is produced,” he stated forcefully.
He criticized the old strategy that prioritized exporting crude oil and then importing expensive fuels. Today, with eight refineries operating – including Dos Bocas and Deer Park – the argument changes. “Strengthens energy sovereignty,” he stated.
Sheinbaum painted this moment as the end of a long season where they tried to dismantle Pemex. Now, he says, it is an integrated and efficient public company.
“The more integrated it is, the more efficient and more at the service of the people,” he concluded.
The final message is clear: after years of being the villain of the national economic drama, Pemex is attempting a comeback. The markets are applauding – the credit rating improved – but the real public, the Mexican people, are waiting to see if this new act translates into fair prices and reliable energy.
