Pemex

President Claudia Sheinbaum is evaluating potential pilot fracking projects in Coahuila and Tamaulipas, with possible commencement by Pemex as early as September. The projects aim to use sustainable methods to reduce environmental impact, following an expert panel's assessment.

Mexican authorities seized over 1 million liters of fuel and dismantled four illegal fuel processing centers in San Luis Potosí, Hidalgo, and Morelos. The operation involved the Federal Attorney General’s Office, federal agencies, and Pemex’s logistics subsidiary, but no arrests were reported as the facilities were allegedly abandoned when raided.

Pemex's net profit fell 69.7% annually to 18.02 billion pesos in Q2 2026 due to higher financial costs, taxes, and a stronger peso. Despite the decline, the company reported increased hydrocarbon production, higher refining output, and a 9.1% reduction in debt to $77.5 billion, calling the results 'favorable.'

Fitch Ratings affirmed Mexico's sovereign credit rating at BBB- with a Stable outlook in April 2026 but noted that the financial burden of state oil company Pemex effectively reduces the country's creditworthiness by one full notch.

Mexico's President Sheinbaum has reversed previous anti-fracking pledges, endorsing unconventional gas development. Fiscal incentives include 100% deduction of exploration costs and tax credits on profit-sharing payments under a 2024 decree. Pemex's 2025–2035 strategy targets unconventional reserves and seeks private investment to reduce US gas dependence.

Carlos Slim’s Grupo Carso is expanding in Mexican oil and gas through contracts with state producer Pemex. The company signed a $1.99 billion contract to drill 32 wells at the Ixachi gas and condensate field in Veracruz.

Two separate freight train derailments occurred in Mexico, prompting emergency responses. In Tamaulipas, a Pemex-owned gasoline tank car derailed, triggering a Code Red and containment efforts. In Sonora, a Ferromex freight train derailed, causing a chemical spill, with specialists assessing risks. No injuries or spills were reported in either incident.

WTI's surge is positively impacting Brazil's pre-salt region, Guyana's oil boom, Argentina's Vaca Muerta, and Venezuela. However, Pemex continues to struggle with heavy debt.

Mexico's Pemex estimates 2024 fuel-theft losses at 20.53 billion pesos, a 30.3% decline. Tax evasion from smuggled fuel (Huachicol) cost the federal government 809.3 billion pesos between 2018 and 2024. Authorities have flagged suspicious financial flows linked to these crimes.

Brazil faces a judicial freeze on Bolsonaro, Mexico deals with a 4.8bn-peso Pemex scandal, and Colombia takes a break due to a disputed holiday. The developments highlight political and economic challenges in the region.

Former Pemex CEO Víctor Rodríguez faces a 4.8 billion-peso corruption complaint over a no-bid vehicle-leasing contract linked to consortium Arrendo Serv and Impulsa Tu Ganancia. The complaint, submitted to multiple federal agencies, alleges conflicts of interest and a fraudulent company address, involving Carlos Ulloa, who has prior corruption accusations. President Sheinbaum publicly distanced from Rodríguez after his domestic abuse arrest.

Victor Rodríguez, Pemex CEO, was detained according to a report by El Universal. The article references a photograph by Alejandro Cegarra/Bloomberg.

Pemex's exploratory drilling in early 2026 reached a 29-year low, with only one exploratory well completed in the first quarter compared to 24 development wells. This decline in exploration raises concerns for investors as it may impact future oil reserves.

The article presents a weekly news quiz covering Mexico's new weapon against screwworm, World Cup ticket prices, a large public celebration in Mexico City, hotel investments in Costa Mujeres, security strategy outcomes, USMCA trade deal updates, and Pemex's oil import status.

Pemex is importing more petroleum products than it exports for the first time in 36 years, with imports at 507,227 barrels per day versus exports of 431,801 barrels. The company recorded a $1.6 billion monthly spending gap on fuel imports compared to oil sales revenue, and its crude oil exports have declined 35% year-to-date. Production of crude oil hit a decades-low of 1.36 million barrels per day in May, exacerbating financial losses.

President Claudia Sheinbaum addressed reports of Morena officials cooperating with U.S. authorities and confirmed cutting ties with former Pemex CEO Víctor Rodríguez over domestic violence allegations. She stated the Mexican government has no evidence of Morena members acting as informants and emphasized that Rodríguez will not hold any government position. Sheinbaum also noted the Iranian national team's reception in Tijuana as culturally driven, not politically motivated.

Pemex and Brazil’s Petrobras signed a Memorandum of Understanding to collaborate on boosting oil production in the Gulf of Mexico, leveraging Petrobras’ pre-salt technology for deep-water extraction. The agreement, valid for two years, covers hydrocarbon exploration, regulatory practices, and industrial transformation, with technical teams sharing geological and operational data to identify production opportunities.

Petrobras and Pemex signed a two-year renewable cooperation pact to collaborate on deepwater drilling in Mexico's Gulf of Mexico. Brazil's Petrobras provides deepwater expertise, while Mexico's Pemex offers frontier Gulf acreage. The agreement includes no binding investment commitments.

Mexico is sending a Pemex team to Brazil to advance a deal with Petrobras, aiming to leverage deepwater expertise to revive its declining oil output.

Pemex CEO Juan Carlos Carpio announced a US $5.4 billion public-private investment plan to revitalize Mexico’s petrochemical and fertilizer industries, with 62% government funding. An energy expert stated the investment would not address Pemex’s US $84.5 billion debt, calling it irrelevant to the company’s financial recovery.

Brazil and Mexico aim to link their state oil firms, Petrobras and Pemex. Presidents Lula and Sheinbaum discussed the move in a video call, with an agreement expected soon but not yet finalized.

President Claudia Sheinbaum announced a ban on large-scale tourism developments in Mahahual, Quintana Roo, prioritizing ecotourism. She also highlighted 190 billion peso investments in Veracruz for infrastructure, energy, and healthcare, while confirming the arrest of a former soldier linked to the Ayotzinapa case and ruling out forceful eviction of a teachers’ protest camp in Mexico City.

Vitol is turning to Mexico for oil due to war disrupting the crude market. Pemex has reduced runs at its domestic refineries for the second month after an April fire. Air quality issues have also led to curtailment of runs at another plant.

Pemex, Mexico's state oil company, reported its third consecutive financial loss despite a surge in oil prices driven by ongoing global conflicts. The company's headquarters in Mexico City remains central to its operations amid these challenges.

A Pemex undersea pipeline caused an oil spill in the Gulf of Mexico, leading to crude oil slicks on a beach in Alvarado, Veracruz state, Mexico. The incident was documented on March 24 with photographic evidence provided.