Pemex health check: Scraping the bottom of the barrel

Mexico’s State-run oil company becomes a debt reduction enterprise, outsourcing growth to the private sector.

This reset hit different. President Claudia Sheinbaum has spent the past few weeks shuffling her cabinet and her party. When the time came for the Energy Ministry, eyebrows still raised.

Sheinbaum sat at a table with Víctor Rodríguez Padilla and announced his replacement as CEO of Mexico’s State-run oil company with a grim-faced Juan Carlos Carpio. Carpio had just been ascended from being Pemex’s CFO, marking a distinct change in strategy from the one Sheinbaum launched her presidency with.