Producer
PEMEX (Petróleos Mexicanos)
Mexican state oil company; emerging petcoke exporter; Olmeca (Dos Bocas) refinery shipped first petcoke cargo Jan/Feb 2024 (2-2.5M t/yr capacity); owns Deer Park TX refinery (from Shell, 2021); planned coker units at Tula and Salina Cruz could add 3-5M t/yr total.
2
Inputs supplied
3
Goods downstream
3
Facilities
0
Stories
What they make
2 inputs PEMEX (Petróleos Mexicanos) supplies
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Where it shows up
Goods downstream
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Where they make it
3 facilities
PEMEX Olmeca (Dos Bocas) Refinery →
MXParaiso, Tabasco, Mexico · petroleum refining
New PEMEX refinery; first petcoke cargo Jan/Feb 2024; 2.0-2.5M t/yr petcoke capacity; Gulf of Mexico port with direct export access; high-sulfur from heavy Mexican crude.
PEMEX Tula Refinery →
MXTula de Allende, Hidalgo, Mexico · petroleum refining
315,000 bpd; new coker unit adding ~1M t/yr petcoke capacity (in development 2024-2026); inland location adds export logistics cost.
Pemex Deer Park Refinery →
USDeer Park, Texas · petroleum refining
Fully PEMEX-owned since 2021 (bought Shell 50% stake); 340,000 bpd; coking units produce fuel-grade petcoke; direct Houston Ship Channel export access.
What else they do
Business segments
The company's full revenue map, where this supply-chain role fits within their broader business.
Crude Oil Upstream (Mexico)
45%Refining (Mexico + US Gulf Coast)
30%Petrochemicals
15%Financial Structure & Debt
Intelligence
What's known
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Did you know2023
PEMEX acquired Shell's Deer Park, Texas refinery (340,000 bpd capacity) in 2021 — giving Mexico's state oil company direct ownership of a major US Gulf Coast refinery on the Houston Ship Channel. This makes PEMEX one of the few foreign state-owned enterprises operating a significant US petroleum processing facility. Deer Park processes heavy crude (including PEMEX Maya crude), generating both refined products for the US market and fuel-grade petroleum coke. A financially distressed Mexican state company — carrying ~$108B in debt and relying on ~$12-15B/year in government transfers — owns and operates a critical US Gulf Coast refining asset that previously belonged to one of the world's largest private oil companies.
Petróleos Mexicanos ↗Capacity2023
PEMEX carries approximately $108 billion in total debt — making it one of the most indebted companies in the world and effectively a quasi-sovereign obligation of Mexico. The Mexican government transfers approximately $12-15 billion annually to keep PEMEX operationally solvent. PEMEX bond yields trade as a proxy for Mexico's sovereign risk; a PEMEX restructuring or default would constitute a de facto partial sovereign default and would likely trigger contagion across Mexican financial markets. The Mexican petroleum sector's financial distress is thus a systemic risk embedded in the global bond markets that hold PEMEX securities — an oil company's balance sheet as a national financial crisis waiting mechanism.
Petróleos Mexicanos ↗Origin2023
PEMEX was founded in 1938 when President Lázaro Cárdenas nationalized Mexico's oil industry from US and British companies — one of the most significant acts of resource nationalism in Latin American history and a defining moment of Mexican sovereignty. For decades PEMEX was the primary source of Mexican federal government revenue, funding much of Mexico's public spending. Production peaked at ~3.4 million bpd in 2004 and has declined continuously since, while the Mexican government simultaneously extracted maximum dividends — leaving PEMEX with ~$108B in debt and severe underinvestment. The nationalization that defined Mexican sovereignty now threatens Mexico's fiscal stability.
Petróleos Mexicanos ↗