Pemex

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.

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

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

• Crude oil production
• Oil refining services
• Petrochemical manufacturing
• Natural gas processing
• Retail fuel distribution

Headquarters

HQ city

Mexico City

HQ country

Mexico

HQ region

Latin America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others

Revenue model

1. 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.
2. 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.
3. 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.
4. Petrochemicals: Revenue from petrochemical production including ammonia, urea, polyethylene, and other chemical products derived from hydrocarbon processing.
5. 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

Core 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

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• PetrobrascoreStrategic or Co-development Partner · 23 June 2026Pemex 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 EnergycoreStrategic or Co-development Partner · 9 March 2026Woodside 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)minorStrategic or Co-development Partner · 25 February 2026Pemex 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)coreTechnology or Integration · 23 August 2024SLB (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 PartnershipcoreOthers · 20 January 2022Pemex 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

Direct 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

• Xx.com/pemex
• YouTubeyoutube.com/pemex
• Facebookfacebook.com/petroleosmexicanos
• Instagraminstagram.com/pemex
• LinkedInlinkedin.com/company/pemex

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds5 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pemex