Photo: Matthew Rutledge / Flickr

By KELIN DILLON

Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) received more in funding from the Mexican government than it contributed back to the nation during the first quarter of 2024, says new data from the independent analysis center México Evalúa.

This marks the first time Pemex’s public support has outpaced its contributions since 2020.

Pemex reportedly contributed 33 billion pesos in income to the government during Q1 2024 while receiving 77 billion pesos, resulting in a loss of 44 billion pesos for Mexico’s public budget.

“It is the first six-year period that shows a quarter in which Pemex did not contribute to the budget,” said México Evalúa Director Mariana Campos.

According to Campos, the increased government funding of Pemex has diverted resources from the Mexican public sector, affecting the budgets of the nation’s health, education, judiciary and security initiatives. 

Pemex has reportedly received 994 billion pesos through the Mexican Secretariat of Energy (Sener) throughout President Andrés Manuel López Obrador’s (AMLO) six-year term.

The news comes just two months after Pemex slashed its crude oil exports in favor of focusing on internal gas production, which is expected to decrease its government contributions even further in Q2 2024.