Mexican President Claudia Sheinbaum announced on May 14 that Víctor Rodríguez has stepped down as CEO of state oil giant Pemex, capping a tumultuous tenure marked by financial losses and operational setbacks. Juan Carlos Carpio, previously the company’s CFO, has been named as his successor.
Rodríguez, an academic with no prior business or political experience, assumed the role in late 2024 and faced immediate challenges in stabilizing Pemex’s performance. Under his watch, oil production slipped to 1.6 million barrels per day, missing the government’s target of 1.8 million barrels per day. The company also grappled with a string of industrial mishaps, including spills and fires, further tarnishing its record.
Financially, Pemex posted a staggering loss of 46 billion pesos (US$2.6 billion) in Q1, driven by reduced crude exports and higher domestic refinery processing. Despite a 2025 bailout orchestrated by Sheinbaum that trimmed the company’s debt to US$79 billion—the lowest since 2014—Pemex still owes suppliers US$21 billion, a burden that continues to strain its balance sheet.
Sheinbaum’s frustration with the company’s trajectory was evident as she reportedly declined Rodríguez’s resignation twice before ultimately accepting his departure. Sources indicate Rodríguez had planned to stay in the role for only one and a half years before returning to academia. The president has since taken a more hands-on approach, influencing key appointments and operational decisions at Pemex.
Adding to the pressure, S&P adjusted its outlook on Mexico from stable to negative on May 12, pointing to Pemex’s persistent struggles. “Poor operational results at Pemex could prompt the government to provide more funds to cover future financial losses, widening the fiscal deficit,” the ratings agency warned. This downgrade underscores the broader implications of Pemex’s performance on national finances.
Efforts to draw private-sector involvement have also faltered, with just nine mixed contracts signed since Sheinbaum introduced the initiative in early 2025. Rodríguez had cautioned that the terms offered were not compelling enough to attract partners, a concern that Carpio will now inherit as he steps into the leadership role.
Carpio’s appointment comes at a critical juncture, with speculation previously swirling about other potential candidates, including Lázaro Cárdenas Batel, Sheinbaum’s chief of staff and grandson of the president who nationalized Mexico’s oil industry in 1938.
For now, Carpio faces the daunting task of reversing a decline in output and restoring confidence in a company central to Mexico’s economic stability.
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