LatinNews Daily - 15 May 2026

*Mexico’s President Claudia Sheinbaum has announced that Víctor Rodríguez Padilla is stepping down as CEO of Mexico’s state-owned oil firm, Petróleos Mexicanos (Pemex), and will be replaced by Pemex’s chief financial officer, Juan Carlos Carpio. Sheinbaum described Carpio as an “honest man” saying he was familiar with all Pemex projects and that the company “must be run with integrity, much love for the people of Mexico, and much professionalism”. This change in leadership comes as Pemex continues to face financial challenges, being the most indebted oil company in the world. The company reported losses of M$45.99bn (US$2.65bn) in the first quarter of 2026, a 6.15% increase from losses in the same quarter in 2025, driven by weaker exports and volatility in global energy markets. Rodríguez emphasised that despite this, the company has reduced its debt by around US$23bn to approximately US$75bn. Carpio thanked Sheinbaum and said that “our efforts will be 100% focused on strengthening the company and consolidating the country’s energy sovereignty,” and reaffirmed “my commitment to you, to the transformation project you lead, and to the people of Mexico, especially the workers of this great company”.

End of preview - This article contains approximately 195 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial