Mexico's Pemex payments arrive like clockwork as Weatherford says debt mechanism taking hold

Published: 2026-04-24 12:30:10 ET WFRD

Published on 04/24/2026 at 12:30 pm EDT

US oilfield services company Weatherford International said activity at Mexican crude oil fields had normalised and it was beginning to receive regular payments from Pemex after a government-backed financial mechanism helped the state oil company clear its backlog of contractor debt, El Economista reported.

'At this point we are very satisfied with the fact that activity levels have normalised and that we are starting to receive payments,' Weatherford chief executive Girish Saligram said during the company's quarterly results call. 'We believe stability will continue in terms of activity level. So I think in the coming years it will be a positive.'

The total balance owed to Weatherford by its main Mexican client stood at approximately $283mn as of March 31, finance director Anuj Dhruv said without naming the client. Payments from that client since the mechanism was implemented had been 'like clockwork,' Dhruv said, adding that the company expected collections to continue in the second quarter and second half of the year.

Oilfield services companies had significantly reduced their activities in Mexico due to the accumulation of billions of dollars in overdue Pemex payments to contractors and suppliers in recent years. A government payment mechanism approved last year guaranteed up to $13bn for companies involved in oil projects and has contributed to debt reduction since its launch. Around MXN250bn ($13bn) was directed to contractor and supplier payments in 2025, leaving Pemex's total supplier debt at approximately $24bn.