MEXICO CITY.- Despite the actions undertaken by the federal government to clean up the finances of Mexican Petroleum (Pemex), the parastatal reported an increase in both its debt with suppliers and its financial liabilities.
This is demonstrated by the official figures for the third quarter of 2025.
Pemex debt with suppliers grew 37% as of September 2025
According to its quarterly report published by Pemex this Monday, the debt with suppliers grew 37.1% compared to last yearupon reaching the 28 thousand 130 million dollars at the end of September.
In the same period of 2024, the balance was 20,524 million dollars.
These results contrast with the financial support and liquidity strategies implemented by the Federation, and confirm the growing pressure faced by the most indebted oil company in the world.
The problem with Pemex suppliers has shown a sustained increase in the last three years.
In its financial report, the company indicated that between January and September of this year paid 299 thousand 768 million pesos to the companies that provide services and supplies to maintain your operations.
“A constant flow was maintained in payments to suppliers, and the Investment Financing Program 2025backed by a financial vehicle with a capacity of up to 250 billion pesos, aimed at strengthening the supply chain and improving operational efficiency”.
Despite this, the outstanding amounts to be covered continue to increase, which has generated concern among energy sector contractors, some of whom have reported prolonged delays in payments.
Financial liabilities are also on the rise
Regarding its total financial debt, Pemex reported a balance of 100,300 million dollarswhich represents an increase of 2.7% compared to the end of last June.
The oil company assured that maintains available lines of credit for 4.2 billion dollars and 20.5 billion pesosresources that—according to the document—“support its liquidity capacity” to continue its operations.
However, industry analysts have warned that the burden of liabilities continues to limit the company’s ability to invest and grow, even with financial assistance from the federal government and recent refinancing programs.
Pemex’s (annualized) loss (without smoothing it for the exchange profit) represents:
-27.34% of spending allocated to health by 2026
-23.58% of spending allocated to education
-11.05% of spending allocated to social protection or
-191.37% of spending allocated to national security— Gabriela Siller Pagaza (@GabySillerP) October 27, 2025
Millionaire losses and operational challenges
Pemex’s operating performance was affected during the last quarter by the fall in crude oil productiona trend that has persisted despite efforts to increase efficiency in exploration and extraction.
Although the results in the refining area show improvements derived from public investments in the six existing refineries and in the new installation of Dos Bocasthe company reported a loss of 61 billion pesos in the third quarter of 2025.
Pemex maintains its estimate of achieving financial sustainability without government support towards 2027in addition to reducing 10% your total debt at the end of 2025.
It also plans to apply a “clean slate” in 2026 to clean up its liabilities with suppliers and consolidate its operational restructuring.
$100,284,000,000 dollars was Pemex’s debt at the end of the third quarter of the year.
— Gabriela Siller Pagaza (@GabySillerP) October 27, 2025
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