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Bond Market News
Pemex Reduces Debt by 13% to $84.5bn at End-2025
February 5, 2026
Petróleos Mexicanos (Pemex) has reduced its total debt to about $84.5bn at end-2025, the lowest level in 11 years. This compares to its reported debt of $97.6bn at end-2024, marking a 13.4% reduction. The debt reduction follows more than $40bn in government support last year from Mexico’s finance ministry, including debt buybacks and cash injections. Pemex also paid around MXN 390.2bn ($22.7bn) to partners and service providers in 2025, signaling progress in clearing arrears. Despite these steps, the company continues to face structural challenges. Crude oil output has fallen roughly 50% from its peak more than two decades ago, reflecting difficulties in developing new fields and declining production at mature assets. Mexican President Claudia Sheinbaum is pushing to revive Pemex by attracting more private investment and aims to make the company self-sufficient by 2027, while indicating government support may continue. On refining, output has improved, with the Dos Bocas plant producing about 300,000 bpd, lifting total domestic refinery output to roughly 1.2m bpd. Separately, Pemex faces scrutiny over oil sales to Cuba, an issue highlighted by Donald Trump, though Mexico says supplies are continuing on humanitarian grounds.
Pemex’s dollar bonds traded stable, with its 5.95% 2031s at 97.5, yielding 6.56%
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