v3.25.2
Government Bonds, And Other Assets
 3 Months Ended
Mar. 31, 2025
Disclosure Of Notes Receivable Government Bonds And Other Long Term Assets [Abstract]  
Government Bonds, And Other Assets GOVERNMENT BONDS AND OTHER ASSETS
A.    Government bonds

The following table sets forth the balance of Mexican Government local bonds (the “Government Bonds”) held by Petróleos Mexicanos valued at amortized cost as of March 31, 2025 and December 31, 2024:
March 31,December 31,
20252024
Government bonds (1)
Ps.32,278,935 Ps.35,875,353 
Less: current portion of Government Bonds, net of expected credit losses32,278,935 14,740,032 
Total long-term notes receivablePs.— Ps.21,135,321 
(1)As of March 31, 2025 and December 31, 2024, includes an expected credit loss of Ps. 2,869 for both periods.
As of November 19, 2020, the value of the Government Bonds was Ps. 128,786,611, and the liability was Ps. 95,597,610.
On November 20, 2020, Petróleos Mexicanos monetized the whole of the Government Bonds by entering into a three-year financial arrangement to partially raise an equivalent of Ps. 95,597,610 at an annual rate of 8.56275%, maturing November 24, 2023. Petróleos Mexicanos retains the risks, benefits and economic rights of the Government Bonds, which were delivered to a financial institution. Petróleos Mexicanos will continue to collect coupon and principal payments from the securities throughout the term of the transaction. Therefore, Petróleos Mexicanos recognizes these Government Bonds as restricted assets and recognizes short-term debt for the monetization. The resources from the Government Bonds were transferred to the Fondo Laboral Pemex (Pemex Labor Fund, or “FOLAPE”) for payments related to its pension and retirement plan obligations.
During the period from January 1 to March 31, 2025, interest income generated by the Government Bonds amounted to Ps. 620,211, of which Petróleos Mexicanos received payments in the amount of Ps. 980,870. During the period from January 1 to March 31, 2024, interest income generated by the Government Bonds amounted to Ps. 1,407,533, of which Petróleos Mexicanos received payments in the amount of Ps. 1,928,811.
As of March 31, 2025 and December 31, 2024, the Government Bonds consist of 4 and 5 series of development bonds (D Bonds, M Bonds and UDI Bonds) issued by the Secretaría de Hacienda y Crédito Público (“Ministry of Finance and
Public Credit” or “SHCP”) with maturities between 2025 and 2026, at nominal values of Ps. 31,759,990 and Ps.35,778,918, respectively.
As of March 31, 2025 and December 31, 2024, the fair value of the transferred assets was Ps. 32,192,859 and Ps. 35,279,002, respectively, and the fair value of the associated liabilities was Ps. 30,420,529 and Ps. 33,941,600, respectively, resulting in a net position of Ps. 1,772,330 and Ps. 1,337,402, respectively.
As of March 31, 2025 and December 31, 2024, the recorded liability was Ps. 30,542,229 (Ps. 30,489,618 of principal and Ps. 52,611 of interest) and Ps. 34,357,836 (Ps. 34,006,893 of principal and Ps. 350,943 of interest), respectively.
The roll-forward of the Government Bonds is as follows:
As of March 31,
20252024
Balance as of the beginning of the yearPs.35,875,353 Ps.64,132,418 
Government Bonds collected (1)
(3,586,058)(3,579,085)
Accrued interests620,211 1,407,533 
Interests received from bonds(980,870)(1,928,811)
Amortized cost348,609 469,059 
Reversal of impairment of bonds1,690 — 
Balance at the end of the periodPs.32,278,935 Ps.60,501,114 
(1)On February 20, 2025, one series of Government Bonds was collected.
B.    Other assets
As of March 31, 2025 and December 31, 2024, the balance of other assets was as follows:
March 31,December 31,
20252024
Restricted cash (1)
Ps.21,705,766 Ps.17,119,599 
Other4,681,299 4,657,144 
Payments in advance (2)
4,278,568 4,029,445 
Insurance1,870,395 1,922,587 
Total other assetsPs.32,536,028 Ps.27,728,775 

(1)As of March 31, 2025 and December 31, 2024, restricted cash mainly consists of collateral for a financing transaction maturing in November 2026, amounting to Ps.19,485,154 and Ps.14,972,193, respectively, as well as cash related to court-ordered seizures amounting to Ps.2,220,612 and Ps.2,147,406, respectively.
(2)Mainly advance payments to contractors for the construction of the Olmeca Refinery in Dos Bocas, Paraíso, Tabasco, through PTI ID.