Pemex faces technical bankruptcy with 4 trillion pesos in liabilities

Petróleos Mexicanos (Pemex) continues to face a severe financial imbalance, with liabilities reaching 4.01 trillion pesos at the close of the first half of 2026. According to the Mexican Institute for Competitiveness (IMCO), the company is in a state of “technical bankruptcy,” as its liabilities are nearly double its assets, which stand at approximately 2.16 trillion pesos.

While financial debt decreased to roughly 77.5 billion dollars, the company remains pressured by significant labor pension obligations and debts owed to suppliers and contractors. This structural fragility has led credit agencies to maintain cautious outlooks, with S&P Global Ratings assigning a BBB rating with a negative perspective and Moody’s maintaining a B1 rating with a stable perspective.

Despite reporting a quarterly profit of nearly 18 billion pesos, this figure represents a substantial annual decline compared to the same period in 2025. The company faces ongoing challenges from high operational costs and the heavy investment requirements of major infrastructure projects, such as the Dos Bocas refinery.