Pemex, Mexico’s state oil company, plans to invest more than 1.8 trillion pesos (about US$97 billion) of its own money by 2030, its director general Juan Carlos Carpio Fragoso said on Wednesday 21 October 2026. He also said the company has cut its debt by more than US$20 billion in under two years.
For US readers, Pemex’s finances matter to holders of its bonds sold in US dollars and to the Mexican budget. The numbers below come from his presentation on that day.
Key Facts
- Plan More than 1.8 trillion pesos (about US$97 billion) of investment from 2025 to 2030.
- Funding Pemex’s own resources, the director said.
- Debt Down by more than US$20 billion in under two years, to its lowest level since 2014.
- Output 1.76 million barrels a day of hydrocarbons, against a target of 1.8 million.
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 70.8 points (November 2026 edition).
What Pemex Says It Will Spend
Carpio Fragoso said the 2025 to 2030 plan is above 1.8 trillion pesos and is paid for with the company’s own money. Crónica and Por Esto, two Mexican news outlets, both carried the figure on 21 October.
Excélsior, a Mexican daily, published a split by business line on the same day. Its figures are printed without the word millions, and we read them as millions of pesos.
It gives about 1.46 trillion pesos (about US$79 billion) for exploration and production, and 185.6 billion pesos (about US$10 billion) for refining.
In Plain English
Pemex Short for Petróleos Mexicanos, Mexico’s state-owned oil and gas company.
Exploration and production Finding and pumping crude oil and gas, the core business.
Refining Turning crude into petrol, diesel and jet fuel.
Debt and Output Numbers
Carpio Fragoso said Pemex cut its debt by more than US$20 billion in under two years, to its lowest level since 2014. Hydrocarbon output stands at 1.76 million barrels a day, close to the 1.8 million target.
Refining rose 81% from 2018 to more than 1.1 million barrels a day, up from about 612,000. Por Esto reported that 87 of every 100 litres of fuel Pemex sells now come from its own refineries, against 24 in 2018.
Sales of petrol and diesel rose 17.9% in January to September 2026 from a year earlier.
What It Means for You
Investors who hold Pemex bonds or Mexican government bonds can read the plan as a sign that the government wants the company to stand on its own. The test is whether output reaches 1.8 million barrels a day, because lower volumes would squeeze the cash that funds the plan.
Our report on Pemex’s latest quarterly loss and on its fuel-theft losses show the pressure on the same accounts. More country coverage is on our Mexico page.
What Is Not Known
We do not know how the spending is phased year by year. The reports we found give the 2025 to 2030 total and a split by business line, but not Pemex’s total debt.
The figures rest on the three outlets named below. We will rewrite this report if Pemex or the presidency publishes the full text.
Frequently Asked Questions
How much does Pemex plan to invest by 2030?
Pemex plans more than 1.8 trillion pesos (about US$97 billion) from 2025 to 2030, its director said on 21 October 2026. The company says it will pay for it with its own resources.
How much debt has Pemex cut?
Carpio Fragoso said Pemex cut its debt by more than US$20 billion in under two years. He said the level is the lowest since 2014.
How much oil does Pemex produce?
Pemex reported 1.76 million barrels a day of hydrocarbons, against a target of 1.8 million. The reports we found give no date for reaching the target.
Sources: statements by Pemex director general Juan Carlos Carpio Fragoso at the presidential press conference of 21 October 2026, as reported by Crónica (21 October 2026), Por Esto (21 October 2026) and Excélsior (21 October 2026; business-line split). US$ conversions at 18.54 pesos per US dollar, 9 November 2026.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error