Pemex to Settle Outstanding Payments to Suppliers by February

Petróleos Mexicanos (Pemex) plans to address its overdue payments to suppliers starting this December and continuing into February.

This announcement came from Mexico’s President, Claudia Sheinbaum Pardo, during her morning press conference. She confirmed that payments would be made in installments.

Some would be made in December, followed by additional payments in January and February. By the end of the third quarter of 2024, Pemex’s accounts payable had surged by 9.4%, reaching a staggering 402.87 billion pesos compared to the previous year.

Earlier this month, the Confederation of Industrial Chambers (Concamin) raised alarms about the precarious situation facing micro and small businesses within the industry.

Many were at risk of layoffs or even closure due to Pemex‘s delayed payments. The Mexican Association of Oil Service Companies (Amespac) represents major firms such as Baker Hughes and Halliburton.

The organization reported that the payment crisis has worsened. This deterioration followed a change in government. Many pending payments were subjected to a review process, leading to further delays.

Pemex Debt Settlements and Strategic Energy Reforms

Despite government assurances that payments would begin this month, many suppliers reported that they had yet to receive any funds as of late last week.

President Sheinbaum acknowledged that the new management at Pemex, now led by Víctor Padilla, was conducting a thorough review of invoices. However, she assured that all debts owed by Pemex would be settled.

Sheinbaum also promised improved efficiency for Pemex and the Federal Electricity Commission (CFE) in the coming year. This commitment follows the recent constitutional reform concerning strategic industries, which was approved in October.

She explained that these changes would facilitate modifications to secondary laws governing Pemex and CFE operations. The reform positions Pemex and CFE as public enterprises while limiting market openness in electricity generation.

It also paves the way for reversing the functional separation established by the 2013 energy reform, which aimed to foster competition between these state-owned enterprises and private operators.