v3.26.1
Debt
 12 Months Ended
Dec. 31, 2025
Disclosure of long term debt [abstract]  
Debt DEBT
The Federal Revenue Law applicable to PEMEX as of January 1, 2025, published in the Official Gazette of the Federation on December 19, 2024, authorized Petróleos Mexicanos and its subsidiary entities (which were subsequently dissolved on March 19, 2025) to incur an internal net debt up to Ps.143,403,700 and an external net debt up to U.S.$5,512,700. Following the dissolution, this authorization is exercised solely by Petróleos Mexicanos as successor (see Note 1).

Petróleos Mexicanos can incur additional domestic or external debt, as long as the total amount of net debt does not exceed the ceiling established by the Federal Revenue Law.

During the period from January 1 to December 31, 2025, PEMEX participated in the following financing activities:

•On January 22, 2025, Petróleos Mexicanos issued U.S.$400,000, bearing interest at a floating rate linked to 30-day SOFR plus a margin of 350 basis points due March 2026.

•On February 7, 2025, Petróleos Mexicanos issued U.S.$1,487,457, bearing interest at a floating rate linked to 30-day SOFR plus a margin of 350 basis points due May 2026.

•On February 10, 2025, Petróleos Mexicanos entered into a Ps.5,000,000 revolving credit facility bearing interest at a floating rate linked for up to 182-day Interbank Equilibrium Interest Rate (TIIE) plus a margin of 500 basis points, maturing in February 2027. The credit agreement is fully available.

•On February 21, 2025, Petróleos Mexicanos issued U.S.$1,000,000, from a credit facility bearing interest at a floating rate linked to 90-day compounded SOFR plus a margin of 350 basis points, maturing in June 2026.

•On March 14, 2025, Petróleos Mexicanos entered into a Ps.5,000,000, revolving credit facility bearing interest at a floating rate linked to 182-day TIIE plus a margin of 500 basis points, maturing in March 2027. The credit agreement is fully available.

•On March 26, 2025, Petróleos Mexicanos entered into a Ps.5,972,676, credit facility in two tranches: the first one of Ps.2,986,338 bearing interest at a floating rate linked to 182-day TIIE plus a margin of 375 basis points, maturing in March 2026, and the second of Ps.2,986,338 bearing interest at a floating rate linked to 182-day TIIE plus a margin of 200 basis points, maturing in March 2026.

•On August 18, 2025, Petróleos Mexicanos entered into a securities lending transaction with a Luxembourg special purpose vehicle, Eagle Funding LuxCo S.à r.l., acting in respect of its compartment “EFL Compartment I” (“EFL I”). Petróleos Mexicanos received U.S. Treasury Securities (the “Eligible Assets”) in exchange for a fee payable to EFL I. Petróleos Mexicanos then entered into a 5-year repurchase transaction with three international banks pursuant to which it sold the Eligible Assets for approximately U.S.$11,354,374 (Ps.213,617,793). Pursuant to the repurchase transaction, Petróleos Mexicanos is required to repurchase the Eligible Assets in 10 semi-annual installments starting in 2026 and ending in 2030, and will receive a corresponding amount of Eligible Assets upon each installment payment, which Petróleos Mexicanos will in turn deliver (or cause the international banks to deliver) to EFL I pursuant to the terms of the securities lending transaction. In addition, Petróleos Mexicanos will pay a price differential to the participating banks semi-annually (until maturity of the repurchase transaction), net of any income such banks receive pursuant to the Eligible Assets. Petróleos Mexicanos does not have control and does not retain substantially all the risks and rewards of the Eligible Assets, accordingly Petróleos Mexicanos will not recognize assets or liabilities from the lending transaction, and will recognize cash received from the repurchase transaction as debt.
As of December 31, 2025, PEMEX had U.S.$5,508,000 in credit lines in order to provide liquidity of which U.S.$4,108,000 was available.

As of December 31, 2024, the outstanding amount under PMI Trading's revolving credit line was U.S.$206,314. From January 1 to December 31, 2025, PMI Trading obtained and repaid U.S.$740,000 from its revolving credit line. As of December 31, 2025, the outstanding amount under this revolving credit line was U.S.$206,314 and the available amount was U.S.$23,686.

The Federal Revenue Law applicable to PEMEX as of January 1, 2024 published in the Official Gazette of the Federation on November 13, 2023, authorized Petróleos Mexicanos and its Subsidiary Entities to incur an internal net debt up to Ps. 138,119,100 and an external net debt up to U.S.$3,726,500. PEMEX can incur additional internal or external debt, as long as the total amount of net debt does not exceed the ceiling established by the Federal Revenue Law.
The Board of Directors approves the terms and conditions for the incurrence of obligations that constitute public debt of Petróleos Mexicanos for each fiscal year, in accordance with the Petróleos Mexicanos Law and the Regulations to the Petróleos Mexicanos Law. The terms and conditions are promulgated in accordance with the guidelines approved by the SHCP for Petróleos Mexicanos for the fiscal year of 2024.
During the period from January 1 to December 31, 2024, PEMEX participated in the following financing activities:
•On April 12, 2024, Petróleos Mexicanos entered into a Ps.5,000,000, credit facility bearing interest at a floating rate linked to 91-day TIIE plus a margin of 400 basis points, maturing in April 2025. As of December 31, 2024 the available amount was Ps.250,000.

•On April 18, 2024, Petróleos Mexicanos issued U.S.$500,000 of its Senior Guaranteed Floating Rate Notes due March 2025 bearing interest at a floating rate linked to 90-day SOFR plus a margin of 300 basis points and guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics.

•On April 26, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.850,000, bearing interest at a floating rate linked to 28-day TIIE plus a margin of 400 basis points, maturing in April 2025.

•On May 24, 2024, Petróleos Mexicanos entered into an amended revolving credit facility of Ps.19,000,000, to a credit facility bearing interest at a floating rate linked to 28-days TIIE plus a margin of 350 basis points, maturing in May 2028.

•On June 12, 2024, Petróleos Mexicanos entered into a Ps.5,000,000, credit facility bearing interest at a floating rate linked to 91-day TIIE plus a margin of 400 basis points, maturing in June 2025. The credit facility is fully drawn.

•On June 18, 2024, Petróleos Mexicanos drew Ps.1,700,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 310 basis points, maturing in January 2025.

•On June 25, 2024, Petróleos Mexicanos drew Ps.23,400,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 270 basis points, maturing in July 2026.

•On July 2, 2024, Petróleos Mexicanos entered into a U.S.$2,501,549 credit facility bearing interest at a floating rate linked to 30-day SOFR plus a margin of 215 basis points, maturing in July 2026. That amount was modified to U.S.$5,301,550 on December 6, 2024. As of December 31, 2024 the available amount was Ps.2,300,000.

•On July 10, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of U.S.$341,667, from a credit facility bearing interest at a floating rate linked to 30-day SOFR plus a margin of 425 basis points, maturing in March 2025.
•On July 17, 2024, Petróleos Mexicanos entered into a U.S.$750,000 amended revoling credit facility bearing interest at a floating rate linked to 90-day SOFR plus a margin of 454 basis points, maturing in January 2026.

•On August 30, 2024, Petróleos Mexicanos entered into a Ps.1,000,000 a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 310 basis points, maturing in February 2025.

•On September 13, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,000,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 365 basis points, maturing in January 2025.

•On September 13, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,000,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 365 basis points, maturing in January 2025.

•On September 19, 2024, Petróleos Mexicanos entered into a Ps.5,000,000 credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 400 basis points, maturing in September 2025, which as of December 31, 2024 the available amount is Ps.1,200,000.
•On October 28, 2024, Petróleos Mexicanos entered into a Ps.5,000,000, credit facility bearing interest at a floating rate linked to 182-day TIIE plus a margin of 370 basis points, maturing in October 2026.

•On October 31, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,000,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE, maturing in April 2025.

•On November 11, 2024, Petróleos Mexicanos entered into a Ps.2,000,000, credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 310 basis points, maturing in May 2025.

•On November 12, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of U.S.$40,000, from a credit facility bearing interest at a floating rate linked to 30-day SOFR plus a margin of 415 basis points, maturing in May 2025.

•On November 14, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.1,000,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 350 basis points, maturing in May 2025.

•On November 19, 2024 Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,500,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 350 basis points, maturing in February 2025.

•On November 19, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,500,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 350 basis points, maturing in February 2025.

•On November 19, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.3,000,000, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 350 basis points, maturing in March 2025.

•On November 22, 2024, Petróleos Mexicanos entered into a Ps.3,000,000, credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 310 basis points, maturing in May 2025.

•On November 29, 2024, Petróleos Mexicanos entered into a Ps.2,553,750, amended credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 315 basis points, maturing in May 2025.

•On December 6, 2024, Petróleos Mexicanos entered into a Ps.5,301,549, amended credit facility bearing interest at a floating rate linked to 30-day SOFR plus a margin of 215 basis points, maturing in July 2026.
•On December 13, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,000,000, bearing interest at a floating rate linked to 28-day TIIE plus a margin 350 basis points, maturing in March 2025.

•On December 18, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 1,725,000, bearing interest at a floating rate linked to 28-day TIIE plus a margin 350 basis points, maturing in June 2025.

•On December 19, 2024, Petróleos Mexicanos drew Ps.5,841,180, from a credit facility bearing interest at a floating rate linked to 28-day TIIE plus a margin of 225 basis points, maturing in December 2026.

•On December 20, 2024, Petróleos Mexicanos drew U.S.$500,000 from a credit facility bearing interest at a fixed rate plus a margin of 750 basis points due March 2026.

•On December 23, 2024, Petróleos Mexicanos issued U.S.$225,000 of its Senior Guaranteed Floating Rate Notes due March 2026 bearing interest at a floating rate linked to 90-day, compounded SOFR plus a margin of 375 basis points and guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics.

•On December 23, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps. 1,000,000, bearing interest at a floating rate linked to 28-day TIIE plus a margin 350 basis points, maturing in June 2025.

•On December 24, 2024, Petróleos Mexicanos issued U.S.$400,000 of its Senior Guaranteed Floating Rate Notes due December 2025, bearing interest at a floating rate linked to 30-day SOFR plus a margin of 350 basis points and guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics.

•On December 27, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.2,000,000, bearing interest at a floating rate linked to 28-day TIIE plus a margin 350 basis points, maturing in April 2025.

•On December 30, 2024, Petróleos Mexicanos issued a promissory note for the principal amount of Ps.3,000,000, bearing interest at a floating rate linked to 28-day TIIE, maturing in March 2025.



All the financing activities mentioned above were guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics and their respective successors and assignees.

As of December 31, 2024, PEMEX had U.S.$5,902,000 and Ps.20,500,000 in credit lines in order to provide liquidity. As of December 31, 2024 the peso-denominated credit lines were fully drawn and U.S.$230,000 was available under U.S. dollar-denominated credit lines.

As of December 31, 2023, the outstanding amount under PMI Trading’s revolving credit line was U.S.$661,213. From January 1 to December 31, 2024, PMI Trading obtained U.S.$1,605,394 from its revolving credit line and repaid U.S.$2,060,292. As of December 31, 2024, the outstanding amount under this revolving credit line was U.S.$206,314 and the available amount was U.S.$23,685.
Various financial transactions (including credit facilities and bond issuances) require compliance with various covenants that, among other things, place restrictions on the following types of transactions by PEMEX, subject to certain exceptions:
•The sale of substantial assets essential for the continued operations of its business.
•The incurrence of liens against its assets.
•Transfers, sales or assignments of rights to payment not yet earned under contracts for the sale of crude oil or natural gas, accounts receivable or other negotiable instruments.
As of December 31, 2025 and 2024 and as of the date of the issuance of these consolidated financial statements, PEMEX was in compliance with the covenants described above.
As of December 31, 2025 and 2024, debt was as follows:
2025 (B)
Rate of interest (A)
MaturityPesosForeign currency
U.S. dollars
Bonds
Fixed from 5.35% to 10.00%, SOFR plus 3.500% to 3.750%
Various to 2060Ps.915,387,717 US$50,949,129 
Project financing
SOFR plus 1.23% to 1.81%
Various to 20314,221,385 234,956 
Direct loans
Fixed of 4.59% to 10.380% and SOFR plus 2.15% to 4.54%
Various to 2031269,813,134 15,017,401 
Syndicated loans
SOFR plus 4.85%
During 202626,950,050 1,500,000 
Revolving credit linesSOFR202628,565,695 1,589,924 
Financing of Infrastructure asset
Fixed from 8.38% and 8.89%
Various to 203616,491,503 917,893 
Total financing in U.S. dollars1,261,429,484 US$70,209,303 
Euros
Bonds
Fixed from 2.75% to 4.88%
Various to 203051,922,592 €2,461,090 
Japanese yen
Bonds
Fixed from 0.54%
Various to 20269,165,982 ¥79,982,394 
Pesos
Certificados bursátiles
 Fixed of 7.47%
Various to 202631,361,411 
Direct loans
TIIE plus 1.90% to 4.50%
Various to 202984,526,117 
Others
TIIE plus 2.65%
During 202619,942,808 
Total financing in pesos135,830,336 
UDIs
Certificados bursátiles
Fixed from 3.02% to 5.23%
Various to 203543,138,222 
Total principal in pesos (C)
1,501,486,616 
Plus:
Accrued interest29,811,474 
Total principal and interest1,531,298,090 
Less:
Short-term maturities315,416,497 
Accrued interest29,811,474 
Total short-term debt and current portion of long-term debt345,227,971 
Long-term debtPs.1,186,070,119 
2024 (B)
Rate of interest (A)
MaturityPesosForeign currency
U.S. dollars
Bonds
Fixed from 2.38% to 10.00%, SOFR plus 0.612% to 3.75%
Various to 20601,218,029,594 U.S.$60,095,301 
Project financing
SOFR plus 0.87% to 1.81%
Various to 20318,380,867 413,496 
Direct loans
Fixed of 10.38% and SOFR plus 2.15% to 4.54%
Various to 2031101,351,485 5,000,493 
Syndicated loans
SOFR plus 4.85%
Various to 202630,402,450 1,500,000 
Revolving credit lines
SOFR plus 3.00% to 4.85%
2025131,369,868 6,481,543 
Financing of Infrastructure asset
Fixed from 8.38% and 8.89%
Various to 203620,846,608 1,028,533 
Total financing in U.S. dollars1,510,380,872 U.S.$74,519,366 
Euros
Bonds
Fixed from 2.75% to 5.50%
Various to 2030136,091,806 €6,484,638 
Japanese yen
Bonds
Fixed from 0.54%
Various to 202610,306,353 ¥79,956,191 
Pesos
Certificados bursátiles
Fixed of 7.47% to
Various to 202631,318,419 
Direct loans
TIIE plus 0.85% to 4.50%
Various to 2029143,086,612 
Syndicated loans
TIIE plus 0.95%
Various to 20251,350,000 
Revolving credit lines
TIIE plus 4.25%
202520,500,000 
Others
TIIE plus 2.65%
Various to 202634,006,893 
Total financing in pesos230,261,924 
UDIs
Certificados bursátiles
Fixed from 3.02% to 5.23%
Various to 203541,592,362 
Other currencies
Bonds
Fixed from 3.75%
Various to 202511,412,443 
Total principal in pesos (C)
1,940,045,760 
Plus:
Accrued interest38,726,495 
Total principal and interest1,978,772,255 
Less:
Short-term maturities386,492,022 
Accrued interest38,726,495 
Total short-term debt and current portion of long-term debt425,218,517 
Long-term debtPs.1,553,553,738 

A.As of December 31, 2025 and 2024, interest rates were as follows: one week SOFR of 3.870% and 4.490%, one month SOFR of 3.688% and 4.332%, three month SOFR of 3.6517% and 4.3051%, six month SOFR of 3.574% and 4.250%, TIIE rate of 7.3489% and 10.2440%, respectively, for 28 days; TIIE rate of 7.393% and 10.633%, respectively, for 91 days; and TIIE rate of 7.458% and 10.769%, respectively, for 182 days.
B.As of December 31, 2025 and 2024, PEMEX used the following exchange rates to translate the outstanding balances in foreign currencies to pesos in the statement of financial position:
20252024
U.S. dollar17.9667 20.2683 
Japanese yen0.1146 0.1289 
Pounds sterling24.1607 25.3860 
Euro21.0974 20.9868 
Swiss francs22.6728 22.3721 
UDI8.665387 8.340909 

C.Includes financing from foreign banks of Ps. 1,286,788,747 and Ps. 1,612,427,515, as of December 31, 2025 and 2024, respectively.
D. The following table presents the roll-forward of total debt of PEMEX for each of the year ended December 31, 2025 and 2024, which includes short and long-term debt:
20252024
Changes in total debt:
At the beginning of the yearPs.1,978,772,255 Ps.1,794,470,357 
Loans obtained - financing institutions 897,917,722 1,056,523,887 
Debt payments(1,169,025,539)(1,148,872,172)
Accrued interest (1)(2)
152,373,946 163,614,450 
Interest (paid)(149,914,573)(148,380,958)
Foreign exchange(178,825,721)261,416,691 
At the end of the yearPs.1,531,298,090 Ps.1,978,772,255 
(1)During 2025, includes Ps. 5,068,080 of premiums and awards amortizations; Ps. (4,277,084) of fees and expenses related to the issuance of debt and amortized cost of Ps. 163,629.
(2)During 2024, includes Ps. 622,591 of premiums and awards amortizations; Ps. (1,900,454) of fees and expenses related to the issuance of debt and amortized cost of Ps. 2,127,973.

E. Maturity of the total principal outstanding:
202620272028202920302031 and
thereafter		Total
Maturity of the total principal outstanding and accrued interest as of December 31, 2025, for each of the years ending December 31.Ps.345,227,971 84,555,621 158,916,761 99,401,877 141,672,702 701,523,158 Ps.1,531,298,090