Mexican President Claudia Sheinbaum announced on Thursday that Pemex CEO Víctor Rodríguez is stepping down, naming the state oil company’s chief financial officer, Juan Carlos Carpio, as his replacement.
The move comes after months of speculation over Rodríguez’s future at Pemex, which has struggled with declining production, operational setbacks, and rising internal tensions.
In a video address posted to social media, Sheinbaum appeared alongside Rodríguez, Carpio, and Energy Secretary Luz Elena González to formally announce the leadership change at Mexico’s state-owned oil company.
“I am very happy and grateful to Victor, and I know Juan Carlos is going to do an excellent job,” Sheinbaum said.
According to the president, Rodríguez had accepted the position on the condition that he would remain in the role for only a year and a half, a request she said her administration was now honoring.
Rodríguez is an academic who, as Sheinbaum emphasized in the video, only took over the role at her request. According to sources talked to by Reuters, he had attempted to resign twice last year, but the president persuaded him to remain both times.
His tenure was marked by a series of high-profile challenges, including a major oil spill and a deadly refinery accident. The company has also struggled to raise crude production, which currently stands at approximately 1.6 million barrels per day – well below the government’s stated target of 1.8 million bpd.
The fact that the company has failed to capitalize on the recent rally in oil prices triggered by the Iran war highlight the broader structural and operational issues it has been dealing with for over a decade now.
Carpio will now take over one of the most difficult jobs in the oil industry, attempting to revive one of the world’s most indebted oil companies, rehabilitate its aging infrastructure, and reverse years of declining output.
As CFO, Carpio has already been deeply involved in the company’s financial restructuring efforts, and his appointment suggests Sheinbaum may prioritize tighter fiscal management and operational discipline as her government attempts to restore confidence in Pemex.
The leadership transition also underscores the growing political importance of Pemex for Sheinbaum’s administration, which has repeatedly framed energy sovereignty and state control of hydrocarbons as central pillars of Mexico’s economic strategy.
By Charles Kennedy for Oilprice.com
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