Pemex
Pemex is Mexico's state-owned vertically integrated national oil company, operating across exploration and production, refining, petrochemicals, and fuels distribution. It serves the Mexican domestic market and export customers with approximately 1.65 million barrels per day of crude production and a near-monopoly wholesale fuel position.
- Company typePrivate
- Founded1938
- HeadquartersMexico City, Mexico
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
What Pemex does
Pemex (Petróleos Mexicanos) is the Mexican state-owned vertically integrated oil and gas company founded in 1938 and headquartered in Mexico City. It operates across the full hydrocarbons value chain including exploration and production, refining, petrochemicals, natural gas, and fuels distribution, with current crude production of approximately 1.65 million barrels per day and reserves ranking Mexico 19th globally. Pemex serves the Mexican domestic market through thousands of branded retail outlets and reported 88% wholesale market share, alongside industrial and export customers served via six domestic refineries and the Deer Park refinery in Texas acquired from Shell.
The company's business model rests on upstream crude extraction monetized through domestic refined product sales, export crude sales, and petrochemical output, supplemented by federal government fiscal support totaling over $40 billion in recent years. Its revenue mechanics are tightly coupled to international crude benchmarks and government-directed domestic fuel pricing, while its capital structure carries approximately $85.2 billion in debt with consecutive quarterly losses. Pemex is publicly listed on the Bolsa Mexicana de Valores but remains wholly state-owned.
Recent strategic actions include advancing the Trion ultra-deepwater development with Woodside, executing a $596 million acquisition of full control of the Deer Park refinery, signing an MoU with Petrobras for Gulf of Mexico cooperation, and undergoing a leadership transition with Juan Carlos Carpio Fragoso replacing Víctor Rodríguez Padilla as CEO. The company has also established a Presidential Oil Advisory Commission and committed MX$93 billion to petrochemical and fertilizer investment, signaling a defensive restructuring posture amid production declines and sustained fiscal support from the federal government.
Pemex firmographics
Firmographics- Name
- Pemex
- Legal name
- Petróleos Mexicanos
- Website
- https://pemex.com
- Company type
- Private
- Founded year
- 1938
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Pemex is Mexico's state-owned vertically integrated national oil company, operating across exploration and production, refining, petrochemicals, and fuels distribution. It serves the Mexican domestic market and export customers with approximately 1.65 million barrels per day of crude production and a near-monopoly wholesale fuel position.
- Ownership category
- akta.pro rank
Pemex industry classification
Industry- Product category
- Integrated Oil and Gas
- NAICS
- Petroleum Refineries (324110), Petroleum Refineries (32411), Petroleum and Coal Products Manufacturing (3241), Petrochemical Manufacturing (32511), Gasoline Stations (4571)
- SIC
- Petroleum Refining (2911), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172), Crude Petroleum & Natural Gas (1311), Miscellaneous Products Of Petroleum & Coal (2990)
- akta.pro primary industry
- Branded Fuels Wholesaling & Jobber Distribution (EUALAIAB)
- akta.pro secondary industry
- Convenience Retail & Foodservice at Forecourts (C-Store/QSR) (EUALAIAE)
Keywords
Where Pemex is headquartered
LocationHeadquarters
- HQ city
- Mexico City
- HQ country
- Mexico
- HQ region
- Latin America
Offices6 records
Markets served
Pemex business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Others
Revenue model
- Upstream (Exploration and Production): Revenue from crude oil and condensate production, including exploration, extraction, and sale of hydrocarbons. Production reported at approximately 1.65 million barrels per day of crude and condensate in 2025.
- Refining and Downstream: Revenue from refining crude oil into petroleum products including gasoline, diesel, jet fuel, and petrochemical feedstocks. Includes operations across six domestic refineries and the Deer Park refinery in Texas.
- Natural Gas Processing: Revenue from natural gas production and processing through gas plants and processing complexes, including production of liquefied petroleum gas and other gas products.
- Petrochemicals: Revenue from petrochemical production including ammonia, urea, polyethylene, and other chemical products derived from hydrocarbon processing.
- International Trading (PMI): Revenue from international crude oil and product trading through PMI Comercio Internacional subsidiary.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels2 records
Pemex product offering
Product offeringCore offering
Pemex is Mexico's state-owned vertically integrated oil and gas company that explores, produces, refines, and distributes crude oil, natural gas, refined petroleum products (gasoline, diesel, jet fuel, LPG), petrochemicals, and fertilizers across the entire hydrocarbon value chain. The company operates the National Refining System, a nationwide branded gas station network, and international trading operations through PMI Comercio Internacional.
Product overview
Pemex (Petróleos Mexicanos) is Mexico's state-owned vertically integrated oil and gas company operating across the entire hydrocarbon value chain. The company operates through multiple business segments: Exploration and Production (upstream) for crude oil and natural gas extraction; Industrial Processing (downstream) through the Sistema Nacional de Refinación comprising six domestic refineries plus the Deer Park refinery in Texas; Logistics and Transportation via pipelines and terminals; and Commercial operations through the PMI international trading arm and a nationwide gas station network. The product portfolio includes crude oil grades (Maya, Istmo, Olmeca, Zapoteco), refined petroleum products (gasoline, diesel, jet fuel, LPG), petrochemicals (ethylene, polyethylene, ammonia, urea), and fertilizers. The company also maintains digital operations including the Base de Datos Institucional (BDI) for institutional data access and the SISCEP electronic procurement system for supplier management.
Differentiator
Problem solved
Functional benefit
Brands
- Pemex Magna: Regular gasoline brand sold at Pemex gas stations
- Pemex Premium
- Pemex Diesel
- PMI
- Mezcla Mexicana de Exportación
Products and services
- Crude Oil (Maya, Istmo, Olmeca, Zapoteco grades) Crude oil produced and exported in various grades including heavy Maya, light Istmo, super-light Olmeca, and Zapoteco crude, sold to international markets.
- Pemex Magna Gasoline Regular-grade automotive gasoline marketed under the Pemex Magna sub-brand for domestic consumption across Mexico.
- Pemex Premium Gasoline Premium high-octane automotive gasoline marketed under the Pemex Premium sub-brand for domestic consumption across Mexico.
- Pemex Diesel Automotive diesel fuel for transportation, commercial fleets, and industrial use in the Mexican market.
- Jet Fuel (Turbosina) Aviation fuel (Turbosina) for commercial and private aircraft operations, sold to airlines and aviation operators.
- Liquefied Petroleum Gas (LPG) LPG (propane/butane) for residential cooking and heating and industrial applications, distributed nationally.
- Natural Gas Natural gas for power generation, industrial use, and residential consumption, distributed through the national pipeline network.
- Petrochemicals Petrochemical products including ethylene, propylene, polyethylene, ammonia, methanol, and other derivatives produced at petrochemical complexes, primarily in Coatzacoalcos, Veracruz.
- Fertilizers (Urea and other agricultural) Agricultural fertilizers including urea, phosphate-based, and nitrogen-based products produced at Pemex's fertilizer complexes for distribution to Mexico's agricultural sector, including over 2 million smallholder farmers via the Fertilizers for Well-being program.
- Exploration and Production Services Oil and gas exploration, well drilling, production operations, and reservoir management services across conventional, unconventional, and deepwater fields.
- Industrial Processing (Refining) Services Crude oil refining services through the Sistema Nacional de Refinación comprising six domestic refineries plus the Deer Park refinery in Texas, with combined capacity of approximately 1.65 million barrels per day of throughput.
- Logistics and Transportation Services Pipeline transportation, storage terminals, and distribution logistics for hydrocarbons and refined products across Mexico.
- Pemex Branded Gas Station Network Pemex-branded service station network for retail fuel distribution across Mexico, operating thousands of stations under the Pemex brand.
- International Trading (PMI Comercio Internacional) International trading subsidiary handling crude oil and refined product exports and imports, including sales of the Mezcla Mexicana de Exportación crude blend to global markets including the United States, Europe, and Asia.
- Deer Park Refinery (340,000 bpd Texas subsidiary) Wholly-owned 340,000 barrels per day refinery in Deer Park, Texas, processing Maya crude oil and producing gasoline, diesel, jet fuel, and petrochemical feedstocks for distribution to the United States, Mexico, Europe, and Asia via maritime, pipeline, and overland routes.
- Pemex Fertilizantes Subsidiary Fertilizer production subsidiary operating complexes to produce urea, ammonia, and phosphate fertilizers for Mexico's agricultural sector.
Quantifiable outcome
- Crude oil production approximately 1.65 million barrels per day
- +3 more outcomes
Companies that use Pemex
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
Pemex technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Pemex partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- PetrobrascorePemex and Petrobras signed a non-binding two-year Memorandum of Understanding to establish cooperation in hydrocarbon exploration and production in the Gulf of Mexico. The agreement focuses on deepwater technology transfer, mature field revitalization, refining modernization, petrochemicals, fertilizers, carbon capture, and biofuel collaboration. Each initiative requires subsequent technical, financial, and legal analysis plus institutional approvals. The MoU was signed in Rio de Janeiro with CEOs of both companies present.
- Woodside EnergycoreWoodside Energy and PEMEX launched drilling operations at the Trion Field in the Gulf of Mexico, Mexico's first ultra-deepwater oil development. The US$11 billion program involves 24 subsea wells targeting first oil in 2028 with 100,000 barrels per day capacity. Woodside operates the project at 50% overall completion.
- Interoceanic Corridor of the Isthmus of Tehuantepec (CIIT)minorPemex and CIIT signed a General Collaboration Agreement to integrate Mexico's energy infrastructure with the 1,200km intermodal railway linking the ports of Coatzacoalcos and Salina Cruz. The partnership aims to reduce logistics costs, strengthen operational security, and elevate industrial competitiveness across southeastern Mexico.
- Schlumberger Limited (SLB)coreSLB (formerly Schlumberger) issued credit-default swaps to guarantee against PEMEX's default, with banks providing financing backed by these instruments. SLB is a major oilfield services provider to PEMEX with approximately US$1 billion in outstanding invoices.
- Deer Park Refining Limited PartnershipcorePemex completed acquisition of Shell's 50.005% stake in the Deer Park Refinery in Texas, becoming sole owner of the 340,000 barrels per day refinery. The refinery processes Maya crude oil and produces gasoline, diesel, and jet fuel, with products able to be sent to Mexico via maritime, pipeline, or overland routes.
Scale indicators8 records
Recent moves6 records
Expansion highlights5 records
Pemex competitors and assessment
Company assessmentDirect peers
- YPF: Argentina's integrated oil and gas company with significant state ownership, operating upstream unconventional fields (Vaca Muerta) and downstream refining. Comparable regional NOC peer with overlapping product portfolio.
- Petrobras: Brazil's integrated state-owned oil company with comparable upstream E&P, refining, and petrochemical operations across Latin America. Most directly comparable NOC peer given the active MoU for Gulf of Mexico cooperation and similar capital intensity.
- Ecopetrol: Colombia's state-owned integrated oil and gas company operating upstream production, refining (Reficar), and petrochemicals. Closely comparable Latin American NOC peer with similar scale of operations and government ownership structure.
- PDVSA: Venezuela's state-owned oil company with integrated upstream, refining, and petrochemical operations. Comparable Latin American NOC peer in structure and product mix, illustrating the political and operational risks common to state-controlled oil enterprises.
Emerging players
- Marathon Petroleum: Large US-based refining and marketing company operating refineries, pipelines, and retail stations. Comparable in downstream refining scale and US Gulf Coast positioning, especially given Pemex's Deer Park refinery in Texas.
- Valero Energy: US-based refining and fuel marketing company with extensive refinery and retail networks. Comparable downstream peer, particularly relevant given the cross-border refined product flow between Pemex's Deer Park refinery and US markets.
Broad incumbents
- Saudi Aramco: Global state-owned integrated oil major with upstream, refining, and petrochemical operations. Comparable in integrated business model and sovereign backing, though materially larger in scale and reserve base.
- Shell plc: Global integrated oil major with deepwater E&P, refining, and petrochemicals; former operator of the Deer Park refinery that Pemex acquired in 2022. Comparable in asset class and product mix though a private-sector operator.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Pemex social profiles
Digital presencePemex compliance and trust
Trust signalCompliance1 record
Pemex financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pemex leadership team
Management profileNumber of profiles
Profiles2 records
Pemex subsidiaries and ownership
Company hierarchySubsidiaries3 records
Pemex funding detail
Funding detailFunding overview
Funding rounds5 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pemex M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pemex
What does Pemex do?
Pemex is Mexico's state-owned vertically integrated oil and gas company that explores, produces, refines, and distributes crude oil, natural gas, refined petroleum products (gasoline, diesel, jet fuel, LPG), petrochemicals, and fertilizers across the entire hydrocarbon value chain. The company operates the National Refining System, a nationwide branded gas station network, and international trading operations through PMI Comercio Internacional.
Is Pemex a public or private company?
Pemex is a private company. It is classified as state government owned and is currently operating.
When was Pemex founded?
Pemex was founded in 1938. It employs 5,001 to 10,000 people.
Where is Pemex based?
Pemex is headquartered in Mexico City, Mexico, in the Latin America region.
How does Pemex make money?
Five revenue lines are on record. Upstream (Exploration and Production) is the primary driver. The others are refining and Downstream, natural Gas Processing, petrochemicals and international Trading (PMI).
Who are Pemex's main competitors?
Direct peers on record are YPF, Petrobras, Ecopetrol and PDVSA. Emerging players are Marathon Petroleum and Valero Energy. Broad incumbents are Saudi Aramco and Shell plc.
Does Pemex have an API?
No public API is recorded for Pemex.
What industry is Pemex in?
Pemex's product category is Integrated Oil and Gas. Its primary akta.pro industry code is EUALAIAB, Branded Fuels Wholesaling & Jobber Distribution, with a secondary code of EUALAIAE, Convenience Retail & Foodservice at Forecourts (C-Store/QSR). Its NAICS code is 324110 and its SIC code is 2911.