Pemex Eyes 1.3 Million Barrels Daily as Dos Bocas Gains Momentum

The optimistic outlook follows a strong performance in December, when Dos Bocas briefly hit peaks of 320,000 b/d. CFO Juan Carlos Carpio characterized the current phase as a transition from testing to maximum capacity, noting that total domestic throughput reached 1.2 million b/d in the final month of the year. When combined with the Deer Park refinery in Texas, Pemex projects a total processing rate of 1.5 million b/d by 2026.

Infrastructure and Debt Strategy

To reach these targets, the utility is finalizing a coker unit at the Tula refinery, which is currently 70% complete, while a similar project at Salina Cruz is expected to come online in 2027. According to Carpio, these upgrades will convert heavy fuel oil into 30,000 to 60,000 b/d of higher-value distillates. On the financial front, Energy Minister Luz Elena González reported a 20% reduction in debt since 2018, though the company continues to navigate significant obligations to its supply chain.

CEO Víctor Rodríguez Padilla confirmed that Pemex paid more than 390 billion Mexican pesos ($22.41 billion) to suppliers in 2025. To address outstanding debts from the previous two years, the company is utilizing a MXN200 billion credit line from the development bank Banobras. This liquidity is being prioritized for smaller firms in regional hubs like Tabasco and Veracruz that were hit hardest by payment delays.

Meanwhile, Pemex is shifting its investment focus toward upstream growth, earmarking MXN425 billion for exploration and production—a 34% increase over last year’s budget. These funds are specifically allocated to advance critical deep-water projects, including Trión, Zama, and Maloob. The company is expected to provide further details on its fiscal standing when it releases fourth-quarter financial results later this month.