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{{Infobox company| | company_name = Petróleos Mexicanos| | company_logo = [[Image:Pemex logo.png|center|220px]] | | company_type = [[State-owned]]| | company_slogan = | | foundation = 1938 | | location = [[Mexico City]], Mexico | | key_people = Juan José Suarez Coppel ([[CEO]]) | | num_employees = 138,215 | | industry = [[List of petroleum companies|Oil and Gas Refining]] | | products = [[Petrochemical]] products | | revenue = {{increase}} [[US$]] 80.6 billion (2010) <ref name="ri.pemex.com">http://www.ri.pemex.com/files/content/RRD4T09_i_%201005032.pdf</ref>| | net_income = {{increase}} [[US$]] 169.1 billion (2010)<ref name="ri.pemex.com"/> | | assets = {{increase}} [[US$]] 415.75 billion (2010).<ref name="rankings.americaeconomia.com">[http://rankings.americaeconomia.com/2010/500/ranking-500-america-latina.php Largest companies in Latin America in 2009]</ref> | | homepage = [http://www.pemex.com pemex.com] }} '''Petróleos Mexicanos''' or '''Pemex''' ({{IPA-es|ˈpemeks or 'фɛimeʃ}}, ''Mexican Petroleums'') is a Mexican state-owned [[petroleum]] company. As of 2010, with a total asset worth of $415.75 billion, it is the second largest company in the world by total market value,<ref>http://www.ft.com/cms/s/2/5de6ef96-8b95-11db-a61f-0000779e2340.html#axzz1L5EPlmlJ</ref> and Latin America's second largest enterprise by annual revenue as of 2009.<ref name="rankings.americaeconomia.com"/> However, the majority of its shares are non-publicly listed and under control of the Mexican government. The value of its publicly listed shares totalled $102 billion in 2010, representing approximately one quarter of the company's total worth.<ref name=fortune>{{cite web |url=http://money.cnn.com/magazines/fortune/global500/2010/snapshots/6385.html |title=Fortune Global 500 2010: 64. Pemex |publisher=Fortune Magazine |accessdate=July 26, 2010}}</ref><ref>{{cite web|url=http://www.ft.com/cms/s/2/5de6ef96-8b95-11db-a61f-0000779e2340.html|title=FT Non-Public 150 - the full list|date=December 14, 2006|accessdate=July 26, 2010}}</ref><ref>[http://www.energyintel.com/documentdetail.asp?document_id=218175 PIW Ranks The World's Top Oil Companies]</ref> == History == [[File:44C0CD18BDCAE2C6BEFFF6E876DF31.jpg|thumb|250px|left|Protest against the privatization of Pemex, Monterrey, Mexico February 2008]] {{Main|Mexican oil expropriation}} [[Asphalt]] and [[Pitch (resin)|pitch]] had been worked in Mexico since the time of the [[Aztecs]]. Small quantities of oil were first refined into [[kerosene]] around 1876 near [[Tampico]]. By 1917 commercial quantities of oil were being extracted and [[oil refinery|refined]] by subsidiaries of the British [[Pearson PLC|Pearson]] and American [[Edward Doheny|Doheny]] companies, and had attracted the attention of the Mexican government who then claimed all mineral rights for the state as part of its [[1917 Constitution of Mexico|Constitution]]. In 1938, President [[Lázaro Cárdenas]] sided with oil workers striking against foreign-owned oil companies for an increase in pay and social services. On March 18, 1938, citing the 27th article of the 1917 constitution, President Cárdenas embarked on the state-expropriation of all resources and facilities, nationalizing the United States and [[United Kingdom|Anglo]]–[[Netherlands|Dutch]] operating companies, creating Pemex. In retaliation, many foreign governments closed their markets to Mexican oil. In spite of the boycott, Pemex developed into one of the largest oil companies in the world and helped Mexico become the fifth-largest oil exporter in the world. In 1979, Pemex's '''Ixtoc I''' exploratory oil well in the [[Bay of Campeche]] suffered a blowout resulting in [[Ixtoc I oil spill|one of the largest oil spills]] in history.<ref>{{cite news | author=Elena Egawhary| title=How big is the Deepwater Horizon oil spill? | url=http://news.bbc.co.uk/2/hi/uk_news/magazine/8664684.stm | work=BBC News | date=Friday, 7 May 2010| accessdate=3 June 2011}}</ref> [[File:TORRE DE PEMEX.jpg|thumb|right|250px|Pemex's offices in [[Mexico City]].]] Despite its current $80.6 billion in revenue, Pemex pays high taxes that contribute a large portion of the budget of the federal government. In recent years the company has only been able to make ends meet through massive borrowing, so that it now owes a staggering $42.5 billion, including $24 billion in [[off-balance-sheet]] debt because the Mexican government treats the company as a major source of revenue. The state-owned company pays out over 60% of its revenue in royalties and taxes, and those funds pay for 40% of the federal government's budget. In 2005, with record-breaking oil prices, the company saw an unexpected excess of funds. This trend continued in 2006, but these funds have been used to pay salaries of bureaucrats and current costs, instead of being invested in projects of exploration and production; during the [[Vicente Fox|President Fox]] administration, these funds represented around 70 billion dollars,<ref>{{cite web|url=http://www2.eluniversal.com.mx/pls/impreso/noticia.html?id_nota=53687&tabla=finanzas|title=Ingresos petroleros, el mejor aliado de Fox|work=El Universal|date=September 1, 2006}}</ref> yet the administration said there was not enough money to pay the debts. The lack of investments prevent adequate refining capacity to be added. While exporting crude oil, Mexico imports expensive gasoline.<ref>{{cite news | last = Case | first = Brendan M. | coauthors = | title = Petrochemical imports draw criticism in Mexico, Pemex urged to add value to its own oil by investing in refineries | work = | pages = | language = | publisher = The Dallas Morning News | date = 2003-09-23 | url = http://latinamericanstudies.org/mexico/Pemex-petrochemical.htm | accessdate = 2008-11-28 |archiveurl = http://latinamericanstudies.org/mexico/Pemex-petrochemical.htm |archivedate = 2007-10-16}}</ref> To help capitalize the company, former President [[Vicente Fox]] brought forward the possibility of making shares of Pemex available to Mexican citizens and pension funds, to complement a current project-specific investment setup known as "Proyectos de Inversión Diferida En El Registro del Gasto" (Deferred Investment Projects in the Expenditure Registry);<ref>[http://www.Pemex.com/index.cfm?action=content§ionID=11&catID=117 Pemex.com | Frequently Asked Questions<!-- Bot generated title -->]</ref> this proposal, along with alleviating Pemex's heavy tax burden and a substantial budget increase, have met opposition in [[Congress of Mexico|Congress]].<ref>{{cite web|url=http://www.businessweek.com/magazine/content/04_50/b3912084_mz058.htm|title=Pemex May Be Turning From Gusher To Black Hole|publisher=Business Week|date=December 13, 2004}}</ref><ref>{{cite web|url=http://query.nytimes.com/gst/fullpage.html?res=9C06E4DA1731F931A35750C0A9609C8B63|title=World Business Briefing | Americas: Mexico: Pemex to Increase Spending|publisher=New York Times|date=March 2, 2006}}</ref> President [[Felipe Calderón|Calderón]] made clear at the beginning of his presidency that he would try his best to open up the sector to private investment. Pemex is Latin America's second largest company measured by revenues, according to a ranking of the region's 500 largest companies by [[Latin Business Chronicle]], only behind, Brazilian oil company [[Petrobras]]. In June 2009, Pemex has asked for an extra $1.5 billion state aid to finance oil fields investments, reported Bloomberg. On August 11, 2009, the U.S. Justice Department reported that U.S. refineries have been buying vast quantities of stolen oil from Mexican government pipelines. Criminals, especially drug gangs, tap remote pipelines and sometimes build their own pipelines to siphon off hundreds of millions of dollars worth of oil each year. One oil executive has been charged and has pleaded guilty to conspiracy charges. The U.S. Homeland Security Department will return $2.4 million to Mexico's tax administration - the first batch of money seized during a binational investigation into smuggled oil that authorities expect to lead to more arrests and seizures. The President of Houston-based Trammo Petroleum is set to be sentenced in December after pleading guilty in May.<ref>{{cite web|url=http://www.eluniversal.com.mx/notas/618515.html|title=EU devuelve 2.4 mdd por fraude contra Pemex|work=El Universal|date=August 11, 2009}}</ref><ref>{{cite web|url=http://www.suntimes.com/news/nation/1709903,CST-NWS-oil11.article|title=Refineries bought stolen oil: U.S. |publisher=Chicago Sun Times|date=August 11, 2009}}</ref> President Felipe Calderón is calling for change in Mexico's oil industry after output at Pemex fell at the fastest rate since 1942. His comments came after Petrobras and London-based [[BP]] said they made a "giant" oil find of as much as {{convert|3|Goilbbl}} in the Gulf of Mexico southeast of Houston. According Mexican Energy Minister Georgina Kessel, Mexico may seek to emulate Brazilian Oil rules that strengthened Petroleo Brasileiro SA as it considers regulation changes to revive the oil industry.<ref>http://www.bloomberg.com/apps/news?pid=20601207&sid=aJ1Vw5HsdTLI</ref> In an interview on the oil news website <ref>[http://www.oilcast.com www.oilcast.com]</ref> in November 2005, a Pemex employee spoke anonymously of the company's inability to grow production, stating that the company and country is at [[Hubbert peak theory|Hubbert's Peak]]. The person interviewed believed export levels could not be recovered once peak had passed, as the size of current fields that have been discovered or are coming online represent a fraction of the size of the oilfields going into terminal decline. Annual production has dropped each year since 2004.<ref name="eia.doe.gov">[http://www.eia.doe.gov/emeu/ipsr/t22.xls]</ref> Furthermore, it has been reported the 2005-2006 daily oil production was down by approximately {{convert|500000|oilbbl/d}} (a large proportion of the country's 45,00,000 barrels) on the previous year. Pemex averaged 3.71 MMBPD in 2006.<ref name="eia.doe.gov"/> Pemex has never produced 4 MMBPD or higher for a yearly average.<ref>[http://www.eia.doe.gov/pub/international/iealf/tableg2.xls]</ref> Pemex has been replaced as Latin America's largest company by Petrobras, according to the latest [[Latin Business Chronicle]] ranking of Latin America's Top 500 companies. ==See also== {{Portalbox|Mexico|Companies}} * [[Petroleum industry in Mexico]] {{-}} ==References== {{Reflist}} ==External links== {{Commons category|Pemex}} *[http://www.Pemex.com/index.cfm?action=content§ionID=123 Official site] *{{es icon}} [http://www.Pemex.com Official site] *{{es icon}} [http://www.hidrosur.com.mx/16-1-Hoja+de+Seguridad+de+los+productos.html Security sheets for the use of substances (in PDF format) about the Pemex products: Magna, Diesel, Combustoleo] *[http://biz.yahoo.com/ic/41/41359.html Petróleos Mexicanos Company Profile] on [[Yahoo!]] *[http://www.indexmundi.com/energy.aspx?country=mx&product=oil&graph=production Mexico's crude oil production chart (1980-2004)] - Data sourced from the US Department of Energy * http://www.usaee.org/pdf/Nov06.pdf#19d "Pemex: Challenges and Opportunities; Time for Reform?" (Nov. 2006) p. 19 by Justin Dargin [[Category:1938 in Mexico]] [[Category:Government-owned companies]] [[Category:Government-owned companies in Mexico]] [[Category:Oil and gas companies of Mexico]] [[Category:National oil and gas companies|Mex]] [[Category:Companies based in Mexico City]] [[Category:Automotive fuel brands]] [[Category:Oil companies]] [[ca:Pemex]] [[cs:PEMEX]] [[da:Pemex]] [[de:PEMEX]] [[es:Petróleos Mexicanos]] [[fr:Pemex]] [[ko:페멕스]] [[it:Pemex]] [[ms:Pemex]] [[nah:Pemex]] [[nl:Petróleos Mexicanos]] [[ja:ペメックス]] [[no:Pemex]] [[pt:Petróleos Mexicanos]] [[ro:PEMEX]] [[ru:Pemex]] [[uk:Petroleos Mexicanos]] [[zh:墨西哥石油公司]]

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