Pemex costs 26% more under AMLO than under EPN

Over the past six years, under the administration of Andrés Manuel López Obrador (AMLO), Pemex lost a total of 2.0 trillion pesos, measured in constant 2024 prices, while receiving support of 1.6 trillion pesos, also adjusted for inflation, according to financial reports from the oil company consulted by EL NORTE and fiscal references from the Imco.

Pemex lost a total of 2.0 trillion pesos, measured in constant 2024 prices.

An analysis by EL NORTE, using the aforementioned data, showed that under AMLO, support for Pemex—mainly composed of capital contributions and fiscal incentives—accounted for 44% of Pemex's total cost, which included its financial losses.

Its refining activities followed in its net losses, with 43%.

Under EPN, who did not grant extraordinary support to the oil company, hydrocarbon exploration and production activities accounted for the most losses in net income, accounting for 61%, followed by refining, at 27%.

During the week, President Claudia Sheinbaum said that support for Pemex will continue in 2025 and 2026, but by 2027, Pemex will be financially self-sufficient.

For his part, the oil company's director, Víctor Rodríguez Padilla, stated in the Senate that Pemex is not a bottomless pit and that the taxes it pays cover part of its social programs.

Pemex facilities in Veracruz.

Pemex's financial results by main business units plus government support (mainly capital contributions and tax incentives) during each six-year term.

(Monetary figures in millions of constant 2024 pesos)

(Includes Marketing, Logistics, Corporate, Other Subsidiaries and Deer Park.

Prepared by EL NORTE with reports from Pemex, analysis from IMCO, and data from INEGI for inflation adjustments to monetary figures.