v3.26.1
Government Bonds, And Other Assets
 12 Months Ended
Dec. 31, 2025
Disclosure Of Notes Receivable Government Bonds And Other Long Term Assets [Abstract]  
Government Bonds, And Other Assets GOVERNMENT BONDS AND OTHER ASSETS
A.    Government bonds

The following table sets forth the balance of Mexican Government local bonds (the “Government Bonds”) held by Petróleos Mexicanos valued at amortized cost as of December 31, 2025 and 2024:
20252024
Government bonds (1)
Ps.21,435,936 Ps.35,875,353 
Less: current portion of Government Bonds, net of expected credit losses21,435,936 14,740,032 
Total long-term notes receivablePs.— Ps.21,135,321 
(1)As of December 31, 2025 and 2024, includes an expected credit loss of Ps. 1,573 and Ps. 2,869, respectively.
As of November 19, 2020, the value of the Government Bonds was Ps. 128,786,611, and the liability was Ps. 95,597,610.
On November 20, 2020, Petróleos Mexicanos monetized the whole of the Government Bonds by entering into a three-year financial arrangement to partially raise an equivalent of Ps. 95,597,610 at an annual rate of 8.56275%, maturing November 24, 2023. Petróleos Mexicanos retains the risks, benefits and economic rights of the Government Bonds, which were delivered to a financial institution. Petróleos Mexicanos will continue to collect coupon and principal payments from the securities throughout the term of the transaction. Therefore, Petróleos Mexicanos recognizes these Government Bonds as restricted assets and recognizes short-term debt for the monetization. The resources from the Government Bonds were transferred to the Fondo Laboral Pemex (Pemex Labor Fund, or “FOLAPE”) for payments related to its pension and retirement plan obligations.
During the period from January 1 to December 31, 2025, interest income generated by the Government Bonds amounted to Ps. 1,759,219, of which Petróleos Mexicanos received payments in the amount of Ps. 1,819,299. During the period from January 1 to December 31, 2024, interest income generated by the Government Bonds amounted to Ps. 4,612,403, of which Petróleos Mexicanos received payments in the amount of Ps. 4,854,744.
As of December 31, 2025 and 2024, the Government Bonds consist of 1 and 5 series of development bonds (D Bonds and M Bonds) issued by the SHCP with maturities between 2025 and 2026, at nominal value of Ps. 21,419,618 and 35,778,918, respectively.
As of December 31, 2025 and 2024, the fair value of the transferred assets was Ps. 21,765,389 and Ps. 35,279,002, respectively and the fair value of the associated liabilities was Ps. 20,119,075 and Ps. 33,941,600, respectively, resulting in a net position of Ps. 1,646,314 and Ps. 1,337,402, respectively.
As of December 31, 2025 and 2024, the recorded liability was Ps. 20,095,070 (Ps. 19,942,808 of principal and Ps. 152,262 of interest) and Ps. 34,357,836 (Ps. 34,006,893 of principal and Ps. 350,943 of interest), respectively (see Note 15).
The roll-forward of the Mexican Bonds is as follows:
December 31,
20252024
Balance as of the beginning of the yearPs.35,875,353 Ps.64,132,418 
Government Bonds collected (1)
(14,359,299)(28,096,861)
Accrued interest1,759,219 4,612,403 
Interests received from bonds(1,819,299)(4,854,744)
Amortized cost(21,335)79,410 
Reversal of impairment of bonds1,297 2,727 
Balance at the end of the yearPs.21,435,936 Ps.35,875,353 
(1)During 2025, some series of Mexican Government Bonds were collected in February, April, June and August.
B.    Other assets
At December 31, 2025 and 2024, the balance of other assets was as follows:
December 31,
20252024
Restricted cash (1)
Ps.19,834,399 Ps.17,119,599 
Guarantees (2)
11,281,010 4,288,778 
Payments in advance3,846,363 4,029,445 
Insurance1,932,648 1,922,587 
Other1,428,371 368,366 
Total other assetsPs.38,322,791 Ps.27,728,775 
(1)As of December 31, 2025 and 2024, restricted cash mainly consists of collateral for a financing transaction maturing in November 2028, amounting to Ps. 16,637,164 and Ps. 14,972,193, respectively, as well as cash related to court-ordered seizures, amounting to Ps. 3,197,220 and Ps.2,417,406, respectively.