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Pemex

Petróleos Mexicanos
State-owned enterprise
Industry Oil and gas
Founded 7 June 1938; 78 years ago (1938-06-07)
Founder Lázaro Cárdenas
Headquarters Mexico City, Mexico
Key people
José Antonio González Anaya (CEO)
Products Fuel, natural gas and other petrochemicals
Revenue DecreaseUS$117.50 billion (2014)
IncreaseUS$390 million (2012)
Total assets IncreaseUS$415.75 billion (2012)
Owner Mexican government
Number of employees
138,215 (2011)
Website www.pemex.com

Petróleos Mexicanos, which translates to Mexican Petroleums, but is trademarked and better known as Pemex (Spanish pronunciation: [ˈpemeks]), is the Mexican state-owned petroleum company, created in 1938 by nationalization or expropriation of all private, foreign, and domestic oil companies at that time. Pemex has a total asset worth of $415.75 billion, and is the world’s second largest non-publicly listed company by total market value (in 2006), and Latin America’s second largest enterprise by annual revenue as of 2009, surpassed only by Petrobras (the Brazilian National Oil Company). The majority of its shares are not listed publicly and are under control of the Mexican government, with the value of its publicly listed shares totaling $202 billion in 2010, representing approximately one quarter of the company’s total net worth.

Asphalt and pitch had been worked in Mexico since the time of the Aztecs. Small quantities of oil were first refined into kerosene around 1876 near Tampico. By 1917 commercial quantities of oil were being extracted and refined by subsidiaries of the British Pearson and American Doheny companies, and had attracted the attention of the Mexican government who then claimed all mineral rights for the state as part of its Constitution.

In 1938, President Lázaro Cárdenas (1934–40) sided with oil workers striking against foreign-owned oil companies for an increase in pay and social services. On March 18, 1938, citing Article 27 of the Constitution of 1917, President Cárdenas embarked on the state-expropriation of all resources and facilities, nationalizing the United States and AngloDutch operating companies, creating Pemex. He is famous in saying in his speech addressing the nation,


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