Mexican Petroleum Fund for Stabilization and Development

At a glance. Mexico's Petroleum Fund is a public trust run by the Bank of Mexico. It collects oil and gas payments from Pemex and contractors, passes them to the Treasury and other funds under the law, administers 108 exploration contracts and keeps a long-term savings Reserve. The Reserve stood at USD 1,192.3 million at 30 June 2026, invested in short, high-grade bonds. S3 S1

Key points

• Transferred MXN 77,855 million to the Federal Treasury in Q2 2026 and MXN 129,580 million in the first half. S3
• Pemex paid MXN 67,690 million of the petroleum welfare duty in Q2 2026. S3
• Sent MXN 5,118 million to the budget stabilisation fund FEIP in the first half of 2026. S4
• Reserve yield to maturity 4.2 percent with a modified duration of 2.5. S3
• 91 percent of the Reserve is rated AA or AAA. S3
• Publishes quarterly reports, audited statements and committee minutes. S5

Interesting facts

• Contracts it administers produced 187,000 barrels of oil a day in Q2 2026, up 9 percent. S3
• The Reserve trailed its benchmark by just 2 basis points in Q2 2026. S3
• An independent expert sits on the Technical Committee with three state members. S3

Mandate and goals

The Fund makes sure oil and gas revenue is handled with full transparency and for the benefit of future generations. Its Reserve adds stability to public finances and long-term savings. S1 S3

• Receive and distribute hydrocarbon revenue under the Fund Law. S3
• Administer the finances of exploration and extraction contracts. S3
• Invest the long-term Reserve. S3

How it invests

Asset mix: AAA 15%, AA 76%, A 8%, Cash 1% (as of 2026-06-30) S3

Past investments

Case studies

Building the Long-Term Reserve S1 S5

• What: The Technical Committee approved an investment and risk policy, then set up the Reserve.
• When: January to February 2018
• Size: USD 1,192.3M by June 2026
• Why: To save part of oil revenue for future generations and steady public finances.
• Outcome: Annualised return of 1.4 percent; all risk limits reported.

Running the contract ledger S3

• What: Administers the finances of 108 exploration and extraction contracts after the 2013 energy reform.
• When: Q2 2026
• Size: Not published
• Why: A single trust keeps contract payments transparent.
• Outcome: Production under the contracts rose 9 percent for oil and 19 percent for gas.

Investment process

A Technical Committee of the Finance Secretary (chair), the Energy Secretary, the Bank of Mexico Governor and an independent member sets policy. The Bank of Mexico runs the Reserve within risk limits; an internal comptroller and an external auditor check the books. S3

1. Pemex and contractors pay into the trust. S3
2. Transfers go to the Treasury and funds such as the FEIP. S3 S4
3. The Reserve is invested under the 2018 policy. S5

How to approach: The Fund takes no outside proposals; reports are on the accountability page. S5

Size and returns

• Headline size: USD 1,192.3M (Fund market value, as of 2026-06-30) S3
• In US dollars: about USD 1.192B. Reported in US dollars.
• Return, Q2 2026 (quarter): 0.4 percent (quarterly, not annual) S3
• Return, Since Reserve inception: 1.4 percent a year S3

Leadership

Governance and transparency

• Legal basis: 2013 constitutional energy reform, the 2014 Fund Law, the Hydrocarbons Revenue Law and the trust contract S3
• Oversight: Technical Committee, internal comptroller and external auditor S3
• Auditor: Independent external auditor S5
• Investment and Risk Management Policy approved 26 January 2018. S5

Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, asset allocation, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S3 S5
• Partly published: annual return, long-term returns, geographic or sector split, holdings or deal list. S3

History

Reports

• Quarterly report Q2 2026 (Spanish): https://www.fmped.org.mx/transparencia/%7B7E7F1724-D6F8-9720-D562-AE52988966B8%7D.pdf S3
• Annual reports and financial statements: https://www.fmped.org.mx/rendicion-cuentas.html S5

Common questions

What is the Mexican Petroleum Fund?

A public trust run by the Bank of Mexico that receives oil revenue, passes it to the State and invests a long-term Reserve. S3

How large is the Reserve?

USD 1,192.3 million at 30 June 2026. S3

Is it an IFSWF member?

No; Mexico's member is the Budgetary Income Stabilization Fund. S2

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All sovereign wealth funds in Latin America and Caribbean · All savings and future generations funds · All funds in Mexico

Sources

1. S1Mexican Petroleum Fund, home page (Spanish)
2. S2IFSWF, members list
3. S3Mexican Petroleum Fund, quarterly report April to June 2026, preliminary (Spanish)
4. S4El Economista, government reserve fund still below pre-pandemic levels (Spanish)
5. S5Mexican Petroleum Fund, accountability page (Spanish)
6. S6La Razon, Finance Secretary before the Chamber of Deputies (Spanish)