Mexican President Claudia Sheinbaum announced Thursday that former Pemex chief executive Carlos Treviño has been detained in the United States and will be deported to face corruption charges in Mexico.
Treviño led the state-owned oil company from 2017 until 2018, leaving the role when former President Andrés Manuel López Obrador assumed office.
Sheinbaum told reporters at her daily press briefing that prosecutors intend to bring Treviño to trial over alleged corruption committed during his time at the helm of Pemex.
On Monday, the U.S. Department of Justice announced that two Mexican businessmen, Roma Energy CEO Ramón Alexandro Rovirosa Martínez and former gubernatorial candidate Mario Alberto Ávila Lizárraga, were indicted in the U.S. for allegedly bribing Pemex officials to obtain and retain contracts with the state-owned oil company.
On July 29, Pemex reported its first quarterly profit in more than a year, crediting a stronger peso for the improvement, posting $3.16 billion in net income for the second quarter, following heavy losses in 2024, including just over $9 billion in the fourth quarter. Crude and condensate production in 2024 averaged 1.65 million barrels per day, underscoring ongoing output challenges despite the quarterly gain.
Earlier in July, Mexico’s Finance Ministry announced a plan to support Pemex through the issuance of pre-capitalized notes aimed at bolstering its balance sheet without a direct sovereign guarantee.
A day after its earnings report release, the government issued $12 billion in new dollar-denominated notes maturing in 2030, exceeding initial expectations of up to $10 billion. The debt sale formed part of the same strategy to stabilize Pemex’s finances. Analysts noted that the second-quarter profit was largely driven by currency effects, while sales and revenues continued to be pressured by lower oil prices.
By Charles Kennedy for Oilprice.com
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