Pemex Receives 519 Billion Pesos from Government While Subsidies Are Cut

The government channeled 519 billion pesos in financial support to Pemex while cutting 164 billion in subsidies. A breakdown of the fiscal relationship between the state and Mexico's national oil company.

The federal government directed more than 519,000 million pesos to Petróleos Mexicanos (Pemex) in capital contributions since the start of President Claudia Sheinbaum's administration, according to company data published on August 10 by El CEO. That support came alongside a cut of 164,000 million pesos in subsidies, according to El Universal.

Both figures describe distinct fiscal concepts: capital contributions are direct transfers from the government to the company, while the cut affects the subsidies budgeted under Ramo 21 (the federal energy appropriations line). Pemex's financial health matters because its net contribution to public finances has declined. In the first half of the year the company delivered 129,563 million pesos in taxes and duties and received 102,730 million in capital contributions, leaving a net contribution of 26,833 million, according to the analysis by México Evalúa cited by El CEO. The organization estimates that for every 100 pesos Pemex gave the government, roughly 80 returned to the company. A decade ago, oil revenues represented close to 16% of total federal income; in the first half of 2026 they accounted for 11%.

The subsidy cut reached 61.7% of the approved Ramo 21 budget for the first half of the year, with the official justification of "fewer resources allocated to Pemex's financial strengthening," according to the quarterly reports the Ministry of Finance submits to the Chamber of Deputies. In the first quarter, the company's actual revenues totaled 343,538 million pesos against a Revenue Law target of 474,308 million, a shortfall of 130,770 million. The government's oil revenues as a whole came in 20% below the programmed figure, a gap of roughly 118,000 million pesos, according to Ricardo Gallegos, Deputy Director General of Economic Analysis at HR Ratings. Adding to the pressure, fuel theft losses between April and June produced an operating loss of 9,180 million pesos, the most severe since 2018.

The Pre-Criteria 2027, published by the Ministry of Finance, anticipate that Pemex will begin a process to reduce its dependence on federal support. The next quarterly public finance report, which the Ministry submits to the Chamber of Deputies, will allow stakeholders to track how that plan evolves.

This article was written with the assistance of artificial intelligence based on verified sources and reviewed by a human editor before publication.

This article was written with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.