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Pemex Suppliers In Mexico Threaten Shutdown over Delay in Payments
June 18, 2025
The Mexican Association of Oil Services Companies (AMESPAC), which includes global firms like Baker Hughes, Halliburton, Weatherford, SLB, and Grupo Mexico, has warned that it is facing an unprecedented crisis due to massive unpaid debts from state-owned oil company Pemex. In a letter to President Claudia Sheinbaum, the association warned that many of these companies may have to stop operations as early as July, however it did not specify the amounts owed to the group’s members.
Pemex owes suppliers about $20bn, plus $101bn in financial debt, despite prior government support. The group urged Pemex to release 2024 payments, ensure 2025 payment schedules, and develop a plan to clear historical debts. Meanwhile, Pemex’s oil production has dropped 11% year-on-year in Q1, with continued financial losses.
Pemex’s bonds traded stable with its 6.625% 2035s at 81.52, yielding 9.54%.
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