Energy
Mexico’s Next President Will Inherit Oil Giant's $106 Billion Debt
Mexico’s state-owned Pemex faces most bond maturities until at least 2050
The Pemex headquarters in Mexico City, Mexico.
Photographer: Luis Antonio Rojas/BloombergThis article is for subscribers only.
Of all the challenges Mexico's next president will inherit — historic migration, a rising deficit, rampant crime — stands an issue no other head of state has to confront: the world's most indebted oil company.
Petroleos Mexicanos has $11 billion coming due this year, the largest chunk of bond maturities it will face until at least 2050, according to a company filing and data compiled by Bloomberg. While the government of outgoing President Andres Manuel Lopez Obrador has promised to cover the majority of those payments, it's only the tip of the iceberg.