For this year, the oil company has the highest budgeted expenditure so far in the Obrador administration: 678.406 million pesos. But next year the scenario will be different and the company would see this amount cut. —if approved by the legislature— in 29%.
The amount is still above what was granted to the company during the last six years. For example, in 2018, the last year of the PRI six-year term, the oil company had a budget of 387,588 million pesos. But the amount proposed for 2024 distances Pemex from the goals set by the president, such as increasing fuel and crude oil production.
The budget that would be granted to the oil company goes against the presidential speech to rescue the company and would limit its ability to invest, especially in its most profitable divisions, such as oil production.
The state company would receive the largest cut in the exploration and production division, of 35%, according to the figures. The Industrial Transformation subsidiary, which encompasses the operation of the refineries, will also see a cut, but on a smaller scale.
Although for next year, the Treasury foresees an injection of 145,000 million pesos to improve the oil company’s liquidity. For the first time, the Obrero government has included this fraction in the expenditure package as a measure to give more certainty to investors.