How Pemex Became the Most Indebted Oil Company in the World

After more than a decade of declining production, wasteful spending and a higher tax burden than any other driller in Latin America, it’s little wonder Mexico’s Petroleos Mexicanos is the world’s most indebted oil company.

Pemex’s oil output has plunged by almost half since a 2004 peak, and its proven reserves are just a quarter of what they were almost two decades ago. Yet rather than prioritizing oilfield maintenance and new discoveries, the government-owned energy company has spent money on non-core business units and inefficient drilling projects.

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