Pemex Leadership Change Announced by Mexican President

Mexican President Claudia Sheinbaum has officially announced the resignation of Pemex chief executive Victor Rodriguez, who will be replaced by the state-owned oil company's chief financial officer, Juan Carlos Carpio. This decision follows months of speculation regarding Rodriguez's future at Pemex, a company that has been grappling with declining production, operational challenges, and rising internal tensions.

In a 10-minute video address posted on X, Sheinbaum appeared alongside Rodriguez, Carpio, and Mexican Energy Secretary Luz Elena Gonzales to formally announce the leadership transition. Sheinbaum expressed gratitude to Rodriguez and confidence in Carpio, stating, "I am very pleased and grateful to Victor, and I know Juan Carlos is going to do an excellent job." She noted that Rodriguez had accepted the CEO position on the condition of serving only a year and a half, a commitment the government is now honoring.

Rodriguez will continue his government service as director of the country's Institute of Electricity and Clean Energy (INEEL). Sheinbaum highlighted that Carpio has already been working at Pemex for a year and a half and is familiar with all ongoing projects, adding that the existing Pemex team will remain in place. In the same video, Carpio affirmed his commitment to strengthening Pemex and consolidating Mexico's energy sovereignty.

Pemex currently produces approximately 1.6 million barrels of oil per day, significantly below the 3.5 million barrels per day achieved in December 2003, underscoring the company's ongoing struggles with production declines.