Pemex Slashes Debt to 11-Year Low as Mexico Eyes Oil Turnaround

A Pemex gas station in Zapopan, Jalisco state, Mexico. — A Pemex gas station in Zapopan, Jalisco state, Mexico.
Photographer: Cesar Rodriguez/Bloomberg

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By Scott Squires

February 4, 2026 at 4:20 PM UTC

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Mexico’s Petroleos Mexicanos reduced its debt to the lowest level in 11 years, a hopeful sign for the struggling state-owned oil company as it seeks to reverse a decades-long production decline and revive its money-losing refining business.