The Mexican government has announced plans to issue between $7 billion and $12 billion in debt to support Petroleos Mexicanos (Pemex), the state-owned oil company, in strengthening its liquidity and refinancing its obligations. This debt issuance, facilitated through the investment vehicle Eagle Funding LuxCo, aims to improve Pemex's financial profile without relying on the federal budget. Pemex currently carries a financial debt of approximately $98.8 billion (1.866 trillion pesos) as of the second quarter of 2025, down from $101.1 billion earlier. Despite this, the company’s debt with suppliers increased by 6.4% during the same period. The government support since 2019 has amounted to between 6% and 7% of Mexico's GDP. In the first half of 2025, Pemex reported a net profit of over 59 billion pesos ($857 million), reversing losses from the previous year, aided by a favorable exchange rate and reduced financial and operational costs. However, Pemex’s production fell by 10% in the first semester of 2025. The debt issuance is part of a series of measures to manage and improve Pemex's balance sheet amid ongoing financial challenges.