Mexican President Claudia Sheinbaum unveiled a comprehensive strategic plan aimed at restoring the financial viability and operational capacity of Petróleos Mexicanos (Pemex) from 2025 to 2035. The plan focuses on reducing Pemex's substantial debt, which reached approximately $98.8 billion, and achieving financial self-sufficiency by 2027, at which point the company is expected to no longer require support from the Secretariat of Finance and Public Credit (SHCP). In the short term, the government will continue to assist Pemex with debt amortizations during 2025 and 2026, including through a special investment fund of 250 billion pesos managed by the National Bank of Public Works and Services (Banobras) to finance projects and settle outstanding obligations without increasing Pemex's indebtedness. The strategy emphasizes increasing crude oil production, exploiting major fields such as Zama and Trion, expanding natural gas output including from unconventional sources, and enhancing the supply of gasoline, diesel, and jet fuel. Sheinbaum criticized previous administrations, particularly under Enrique Peña Nieto, for significantly increasing Pemex's debt while production declined and for dismantling the petrochemical industry. The plan also includes measures to reduce costs, improve Pemex's financial profile, and expand its services to third parties, including logistics and natural gas transportation. The government aims to reduce Pemex's debt by 26% relative to 2019 levels by 2030. The strategy has received cautious optimism from industry groups like the Mexican Association of Hydrocarbon Companies and BBVA Mexico, which noted the plan provides short-term financial relief but highlighted the need for structural reforms to ensure long-term sustainability. Additionally, Pemex has proposed subjecting hydraulic fracturing (fracking) to public consultation as part of its approach to increase unconventional hydrocarbon production, a shift from previous policies. The plan also addresses social and environmental responsibilities, including remediation efforts related to the 2014 Río Sonora contamination incident. Despite the ambitious goals, some analysts express concerns about operational challenges and the environmental impact of increased fracking. Overall, the government’s strategy represents a coordinated effort to stabilize and revitalize Pemex as a central pillar of Mexico’s energy sector.