v3.26.1
Subsidiary Guarantor Information
 12 Months Ended
Dec. 31, 2025
Supplemental Information [abstract]  
Subsidiary Guarantor Information SUBSIDIARY GUARANTOR INFORMATION
Background and effect of the dissolution of the Subsidiary Guarantors
Prior to March 19, 2025, Petróleos Mexicanos’ payment obligations under its debt securities registered with the United States Securities and Exchange Commission (“SEC”) were guaranteed by Pemex Exploration and Production, Pemex Industrial Transformation and Pemex Logistics (collectively, the “Former Subsidiary Guarantors”). These guarantees were full, unconditional, joint and several. The Subsidiary Companies (as defined in Note 1) were not guarantors of any of Petróleos Mexicanos’ indebtedness (the “Non-Guarantor Subsidiaries”).

On March 19, 2025, pursuant to the 2025 Petróleos Mexicanos Law, the Former Subsidiary Guarantors were dissolved and all of their assets, liabilities, rights and obligations, including their obligations under the guarantees described above, were assumed by, and transferred to Petróleos Mexicanos, which became the successor of the Former Subsidiary Guarantors as a matter of Mexican law (see Note 1). As a result, effective March 19, 2025, Petróleos Mexicanos is the sole obligor — both as primary obligor and as successor to the Former Subsidiary Guarantors — under all SEC-registered debt securities. There are no longer any separate legal entities acting as guarantors of Petróleos Mexicanos’ indebtedness.

The 2025 Petróleos Mexicanos Law provides that the dissolution of the subsidiary entities does not affect any payment obligations previously contracted, nor does it alter the guarantees provided by Petróleos Mexicanos or the dissolved entities, whether in Mexico or abroad. Notwithstanding this provision, because the Former Subsidiary Guarantors and Petróleos Mexicanos have merged into a single legal entity, the guarantees have been effectively extinguished by operation of law through the merger of the obligor and the guarantor. All payment obligations under the guaranteed debt securities continue in full force and effect as direct obligations of Petróleos Mexicanos.

SEC-registered debt securities outstanding

The following table sets forth, as of December 31, 2025, the principal amount outstanding of the SEC-registered debt securities originally issued by the Pemex Project Funding Master Trust (the “Master Trust”) and subsequently assumed by Petróleos Mexicanos as primary obligor. The Master Trust was dissolved effective December 20, 2011 and is no longer consolidated in the financial statements of PEMEX as of December 31, 2011 and thereafter.
Table 1: Registered Debt Securities originally issued by the Master Trust and Assumed by Petróleos Mexicanos
SecurityPrimary obligorPrincipal amount
outstanding (U.S.$)
6.625% Guaranteed Bonds due 2035
Petróleos MexicanosU.S.$1,750,000 
6.625% Guaranteed Bonds due 2038
Petróleos Mexicanos491,175 
9.500% Guaranteed Bonds due 2027
Petróleos Mexicanos168,625 
The following table sets forth, as of December 31, 2025, the principal amount outstanding of the registered debt securities issued by Petróleos Mexicanos.
Table 2: Registered Debt Securities originally issued by Petróleos Mexicanos
SecurityPrimary obligorPrincipal amount
outstanding
(U.S.$)
9.500% Global Guaranteed Bonds due 2027
Petróleos MexicanosU.S.$96,718 
6.625% Notes due 2035
Petróleos Mexicanos999,000 
6.500% Bonds due 2041
Petróleos Mexicanos1,560,521 
5.500% Bonds due 2044
Petróleos Mexicanos640,357 
6.375% Bonds due 2045
Petróleos Mexicanos1,199,747 
5.625% Bonds due 2046
Petróleos Mexicanos626,143 
6.750% Bonds due 2047
Petróleos Mexicanos5,548,156 
5.350% Notes due 2028
Petróleos Mexicanos795,784 
6.350% Bonds due 2048
Petróleos Mexicanos1,574,041 
6.500% Notes due 2027
Petróleos Mexicanos1,198,109 
5.950% Notes due 2031
Petróleos Mexicanos3,777,381 
6.490% Notes due 2027
Petróleos Mexicanos281,222 
6.840% Notes due 2030
Petróleos Mexicanos2,345,538 
6.950% Bonds due 2060
Petróleos Mexicanos3,188 
7.690% Bonds due 2050
Petróleos Mexicanos8,047,831 
6.500% Notes due 2029
Petróleos Mexicanos1,204,708 
8.750% Notes due 2029
Petróleos Mexicanos1,908,685 
6.700% Notes due 2032
Petróleos Mexicanos6,787,240 
10.000% Notes due 2033
Petróleos Mexicanos1,972,663 

As of December 31, 2025 and as of the date of these consolidated financial statements, Petróleos Mexicanos is the only PEMEX entity with debt securities registered with the SEC, and all such debt constitutes a direct obligation of Petróleos Mexicanos.

Historical supplemental condensed consolidating financial information

The following condensed consolidating financial information is presented for the years ended December 31, 2024 and 2023 to provide investors with the historical financial information of the Former Subsidiary Guarantors during the periods in which the guarantee structure was in effect.

As described above, the Former Subsidiary Guarantors were dissolved on March 19, 2025, and all of their assets, liabilities, rights and obligations were transferred to Petróleos Mexicanos at historical cost without gain or loss. Accordingly, no condensed consolidating financial information is presented for the year ended December 31, 2025 or as of December 31, 2025, as the Former Subsidiary Guarantors did not exist as separate legal entities as of that date.

These condensed consolidated statements for the years ended December 31, 2024 and 2023 were prepared in accordance with IFRS, with one exception: for the purposes of the presentation of the subsidiary guarantor information, the former subsidiary entities and the Subsidiary Companies were accounted for as investments under the equity method by Petróleos Mexicanos. Earnings of subsidiaries are therefore reflected in Petróleos Mexicanos’ investment account and earnings. The principal elimination entries eliminate Petróleos Mexicanos’ investment in subsidiaries and inter-company balances and transactions. The Former Subsidiary Guarantors were 100% owned subsidiaries of the Mexican Government. The Subsidiary Companies collectively comprise the Non-Guarantor Subsidiaries
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
STATEMENT OF FINANCIAL POSITION
As of December 31, 2024
Petróleos
Mexicanos 		Subsidiary
guarantors 		Non-guarantor
subsidiaries		Eliminations PEMEX
consolidated
Assets
Current assets
Cash and cash equivalentsPs.41,665,854 Ps.5,143,459 Ps.42,032,513 Ps.— Ps.88,841,826 
Trade and other accounts receivable, derivative financial instruments and other current assets30,683,735 132,539,268 98,919,902 — 262,142,905 
Accounts receivable—intercompany1,965,995,495 1,434,224,881 256,358,639 (3,656,579,015)— 
Inventories1,241,752 54,405,081 32,923,156 — 88,569,989 
Total current assets2,039,586,836 1,626,312,689 430,234,210 (3,656,579,015)439,554,720 
Long-term receivables—intercompany1,457,697,966 — 719,134 (1,458,417,100)— 
Investments in associates(1,659,731,734)378,134,429 276,405,440 1,007,884,803 2,692,938 
Wells, pipelines, properties, plant and equipment, net7,156,628 1,221,547,573 421,828,511 — 1,650,532,712 
Long-term notes receivable— 691,787 329,991 — 1,021,778 
Right of use480,916 38,376,000 3,107,617 — 41,964,533 
Deferred taxes— — 7,033,529 — 7,033,529 
Intangible assets63,772 15,767,890 1,256,615 — 17,088,277 
Mexican Government Bonds21,135,321 — — — 21,135,321 
Other assets2,147,391 2,686,655 22,894,729 — 27,728,775 
Total assetsPs.1,868,537,096 Ps.3,283,517,023 Ps.1,163,809,776 Ps.(4,107,111,312)Ps.2,208,752,583 
Liabilities    
Current liabilities    
Current portion of long-term debtPs.356,212,915 Ps.2,417,693 Ps.66,587,909 Ps.— Ps.425,218,517 
Accounts payable—intercompany1,572,341,074 1,920,859,946 163,292,029 (3,656,493,049)— 
Other current liabilities122,034,531 570,830,329 89,440,004 — 782,304,864 
Total current liabilities2,050,588,520 2,494,107,968 319,319,942 (3,656,493,049)1,207,523,381 
Long-term debt1,494,800,312 18,785,937 39,967,489 — 1,553,553,738 
Long-term payables—intercompany— 1,457,697,966 805,100 (1,458,503,066)— 
Employee benefits, provisions for sundry creditors, other liabilities and deferred taxes306,649,614 1,105,032,236 19,769,350 — 1,431,451,200 
Total liabilities3,852,038,446 5,075,624,107 379,861,881 (5,114,996,115)4,192,528,319 
Equity (deficit), net(1,983,501,350)(1,792,107,084)783,947,895 1,007,884,803 (1,983,775,736)
Total liabilities and equityPs.1,868,537,096 Ps.3,283,517,023 Ps.1,163,809,776 Ps.(4,107,111,312)Ps.2,208,752,583 
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2024
Petróleos
Mexicanos 		Subsidiary
guarantors 		Non-guarantor
subsidiaries		Eliminations PEMEX
consolidated
Total revenuesPs.— Ps.1,843,991,945 Ps.1,246,933,287 Ps.(1,421,408,105)Ps.1,669,517,127 
Services income48,983,059 96,205,153 24,792,667 (166,825,100)3,155,779 
Total revenues48,983,059 1,940,197,098 1,271,725,954 (1,588,233,205)1,672,672,906 
(Impairment) of wells, pipelines, properties, plant and equipment— (53,439,595)(37,985)— (53,477,580)
Cost of sales1,249,656 1,729,785,149 1,249,513,305 (1,545,084,823)1,435,463,287 
Gross income47,733,403 156,972,354 22,174,664 (43,148,382)183,732,039 
Total general expenses86,642,971 129,848,759 13,974,822 (43,180,542)187,286,010 
Impairment losses on trade receivables from customers— 708,397 (16,146,955)— (15,438,558)
Other revenues (expenses), net905,600 294,218 1,807,922 (5,083)3,002,657 
Operating (loss) income(38,003,968)28,126,210 (6,139,191)27,077 (15,989,872)
Financing cost, net(11,365,789)(152,348,831)(7,084,600)(27,077)(170,826,297)
Foreign exchange (loss) income , net39,427,764 (338,726,253)(5,153,747)— (304,452,236)
Profit (loss) sharing in associates(716,122,380)(4,327,032)(13,212,549)734,623,610 961,649 
(Loss) income before duties, taxes and other(726,064,373)(467,275,906)(31,590,087)734,623,610 (490,306,756)
Total taxes, duties and other54,351,481 231,791,066 4,138,651 — 290,281,198 
Net (loss) income for the year(780,415,854)(699,066,972)(35,728,738)734,623,610 (780,587,954)
Total other comprehensive result42,909,584 160,029,505 90,342,889 — 293,281,978 
Total comprehensive (loss) income Ps.(737,506,270)Ps.(539,037,467)Ps.54,614,151 Ps.734,623,610 Ps.(487,305,976)
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2023
Petróleos
Mexicanos 		Subsidiary
guarantors 		Non-guarantor
subsidiaries 		Eliminations PEMEX
consolidated
Total revenuesPs.— Ps.1,929,682,164 Ps.1,177,322,779 Ps.(1,390,763,266)Ps.1,716,241,677 
Services income96,620,468 103,803,336 23,393,179 (220,121,042)3,695,941 
Total revenues96,620,468 2,033,485,500 1,200,715,958 (1,610,884,308)1,719,937,618 
(Impairment) of wells, pipelines, properties, plant and equipment— (28,534,696)(262,822)— (28,797,518)
Cost of sales1,269,012 1,726,608,659 1,162,589,565 (1,509,793,447)1,380,673,789 
Gross income95,351,456 278,342,145 37,863,571 (101,090,861)310,466,311 
Total general expenses83,593,406 186,961,537 13,279,701 (101,039,204)182,795,440 
Impairment losses on trade receivables from customers(6)(3,092,408)(20,910)— (3,113,324)
Other (expenses) revenues, net757,110 (3,324,062)905,748 55,023 (1,606,181)
Operating income12,515,154 84,964,138 25,468,708 3,366 122,951,366 
Financing cost, net(64,364,068)(63,037,727)(5,883,616)(3,367)(133,288,778)
Foreign exchange income (loss), net(11,196,911)244,756,587 4,519,366 — 238,079,042 
Profit (loss) sharing in associates68,641,910 72,937 35,224,291 (103,529,823)409,315 
Income (loss) before duties, taxes and other5,596,085 266,755,935 59,328,749 (103,529,824)228,150,945 
Total taxes, duties and other(2,510,630)220,521,837 1,988,074 — 219,999,281 
Net income (loss) for the year8,106,715 46,234,098 57,340,675 (103,529,824)8,151,664 
Total other comprehensive result(1,088,673)(3,989,701)(53,844,998)— (58,923,372)
Total comprehensive (loss) incomePs.7,018,042 Ps.42,244,397 Ps.3,495,677 Ps.(103,529,824)Ps.(50,771,708)
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
STATEMENT OF CASH FLOWS
For the year ended December 31, 2024
Petróleos
Mexicanos		Subsidiary
guarantors		Non-guarantor
subsidiaries		Eliminations PEMEX
consolidated
Operating activities:
Net (loss) incomePs.(780,415,854)Ps.(699,066,972)Ps.(35,728,738)Ps.734,623,610 Ps.(780,587,954)
Income taxes and duties54,351,481 231,791,066 4,138,651 — 290,281,198 
Depreciation and amortization of wells, pipelines, properties, plant and equipment583,189 140,629,882 5,637,137 — 146,850,208 
Amortization of intangible assets368,048 162,285 96,467 — 626,800 
Impairment of wells, pipelines, properties, plant and equipment— 53,439,595 37,985 — 53,477,580 
Unsuccessful wells from intangible assets— 25,944,025 — — 25,944,025 
Capitalized unsuccessful wells— 13,046,124 — — 13,046,124 
Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment93,070 3,303,841 1,166,293 — 4,563,204 
Depreciation of rights of use573,733 3,913,069 1,543,392 — 6,030,194 
Unrealized foreign exchange loss in discount rate of reserve for well abandonment— 9,126,600 — — 9,126,600 
(Profit) loss sharing in associates, net716,122,380 4,327,032 13,212,549 (734,623,610)(961,649)
Unrealized foreign exchange (income) loss248,097,987 20,788,597 10,572,757 — 279,459,341 
Financing cost138,463,221 12,251,289 8,187,440 — 158,901,950 
Financing income(8,847,897)(4,401,716)(2,420,270)— (15,669,883)
Taxes and duties8,010,859 (201,195,432)2,266,715 — (190,917,858)
Accounts receivable, inventories, accounts payable, DFIs and provisions73,519,714 198,930,230 (4,810,162)— 267,639,782 
Employee benefits6,447,500 48,203,352 448,048 — 55,098,900 
Inter-company charges and deductions63,918,703 (393,698,059)(2,951,374)332,730,730 — 
Net cash flows from operating activities521,286,134 (532,505,192)1,396,890 332,730,730 322,908,562 
Investing activities:
Acquisition of wells, pipelines, properties, plant and equipment and intangible assets(1,520,360)(199,197,320)(62,219,624)— (262,937,304)
Other assets and other receivables1,835,746 (53,656)(11,163,693)— (9,381,603)
(Increase) decrease due to Inter-company investing(452,848,589)— 228,782 452,619,807 — 
Net cash flows (used in) investing activities(452,533,203)(199,250,976)(73,154,535)452,619,807 (272,318,907)
Financing activities:
Increase in equity due to Certificates of Contribution “A”156,509,050 — — — 156,509,050 
Collection and interest collected from the Mexican Government32,951,605 — — — 32,951,605 
Lease payments of principal and interest(388,874)(6,255,637)(1,820,136)— (8,464,647)
Loans obtained from financial institutions408,712,952 30,633,407 617,177,528 — 1,056,523,887 
Debt payments, principal only(468,379,316)(52,280,001)(628,212,855)— (1,148,872,172)
Interest paid(138,298,684)(13,302,896)3,220,622 — (148,380,958)
Inter-company (decrease) increase financing(39,525,872)769,982,956 54,893,453 (785,350,537)— 
Net cash flows from (used in) financing activities(48,419,139)728,777,829 45,258,612 (785,350,537)(59,733,235)
Net increase (decrease) in cash and cash equivalents20,333,792 (2,978,339)(26,499,033)— (9,143,580)
Effects of foreign exchange on cash balances— — 29,238,030 — 29,238,030 
Cash and cash equivalents at the beginning of the year21,332,062 8,121,798 39,293,516 — 68,747,376 
Cash and cash equivalents at the end of the yearPs.41,665,854 Ps.5,143,459 Ps.42,032,513 Ps.— Ps.88,841,826 
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
STATEMENT OF CASH FLOWS
For the year ended December 31, 2023
Petróleos
Mexicanos 		Subsidiary
guarantors 		Non-guarantor
subsidiaries 		Eliminations PEMEX
consolidated
Operating activities:     
Net income (loss)Ps.8,106,715 Ps.46,234,098 Ps.57,340,675 Ps.(103,529,824)Ps.8,151,664 
Income taxes and duties(2,510,630)220,521,837 1,988,074 — 219,999,281 
Depreciation and amortization of wells, pipelines, properties, plant and equipment565,065 132,294,655 4,695,556 — 137,555,276 
Amortization of intangible assets491,831 20,458 87,338 — 599,627 
Impairment of wells, pipelines, properties, plant and equipment— 28,534,696 262,822 — 28,797,518 
Capitalized unsuccessful wells— 29,529,330 — — 29,529,330 
Unsuccessful wells from intangible assets— 4,436,985 — — 4,436,985 
Loss from derecognition of disposal of wells, pipelines, properties, plant and equipment48 6,757,696 752,828 — 7,510,572 
Depreciation of rights of use602,527 3,845,999 1,438,314 — 5,886,840 
Cancellation of leases(98,421)(19,643)(10,634)— (128,698)
Unrealized foreign exchange loss (income) of reserve for well abandonment— 4,638,600 — — 4,638,600 
(Profit) loss sharing in associates, net(68,641,910)(72,937)(35,224,291)103,529,823 (409,315)
Unrealized foreign exchange loss (income)(198,352,926)(15,838,600)(7,580,344)— (221,771,870)
Financing cost132,960,329 11,929,647 7,281,405 — 152,171,381 
Financing income(11,196,984)(5,147,757)(1,865,636)— (18,210,377)
Taxes and duties673,056 (132,902,147)(342,880)— (132,571,971)
Accounts receivable, inventories, accounts payable, DFIs and provisions17,573,923 26,704,365 (18,574,069)— 25,704,219 
Employee benefits15,355,953 44,440,075 260,456 — 60,056,484 
Inter-company charges and deductions(371,155,018)32,322,800 9,737,603 329,094,615 — 
Net cash flows from operating activities(475,626,442)438,230,157 20,247,217 329,094,614 311,945,546 
Investing activities:
Acquisition of wells, pipelines, properties, plant and equipment and intangible assets(875,254)(222,997,316)(68,078,428)— (291,950,998)
Other assets and other receivables2,493,369 1,387,079 21,098,893 — 24,979,341 
(Increase) decrease due to Inter-company investing315,439,003 — 413,722 (315,852,725)— 
Net cash flows (used in) investing activities317,057,118 (221,610,237)(46,565,813)(315,852,725)(266,971,657)
Financing activities:
Increase in equity due to Certificates of Contribution “A”166,615,123 — — — 166,615,123 
Collection and interest collected from the Mexican Government53,902,357 — — — 53,902,357 
Lease payments of principal and interest(477,081)(5,851,936)(1,446,963)— (7,775,980)
Loans obtained from financial institutions298,622,440 35,205,868 547,572,751 — 881,401,059 
Debt payments, principal only(406,226,899)(43,573,854)(529,053,874)— (978,854,627)
Interest paid(135,584,431)(9,352,797)886,892 — (144,050,336)
Inter-company increase (decrease) financing188,240,825 (196,218,537)21,219,601 (13,241,889)— 
Net cash flows from (used in) financing activities165,092,334 (219,791,256)39,178,407 (13,241,889)(28,762,404)
Net increase (decrease) in cash and cash equivalents6,523,010 (3,171,336)12,859,811 — 16,211,485 
Effects of foreign exchange on cash balances— — (11,878,620)— (11,878,620)
Cash and cash equivalents at the beginning of the year14,809,052 11,293,134 38,312,325 — 64,414,511 
Cash and cash equivalents at the end of the yearPs.21,332,062 Ps.8,121,798 Ps.39,293,516 Ps.— Ps.68,747,376