Largest companies in Mexico 2023, by revenue

In 2023, state-owned Mexican oil company Petróleos Mexicanos, known as Pemex, was the leading Mexican company based on net revenue, with roughly 1.7 trillion Mexican pesos generated. Walmart de México ranked second that year, with a revenue of around 886.5 billion pesos. 

Robbed but still with the highest revenue

With Pemex as Mexico's primary company, a significant hurdle emerged in the form of oil theft and its unlawful trade via pipeline perforations and barrel thefts, known as "Huachicoleo." The government promptly computed the daily economic losses stemming from the pilfered volume, amounting to nearly 10.5 million Mexican pesos. Swiftly following his assumption of office, President AMLO allocated substantial resources to eliminate these crimes, harboring the belief of an ultimate triumph against them. Initially, reported figures showed a decline compared to the outset of his presidential term, being higher in the state of Hidalgo. However, recent data reflects a resurgence, attributed in part to project discontinuity. This lapse is attributed to suspected corruption and the advent of innovative methods for acquiring fuel.

Oil industry competitors in Mexico

Upon the acknowledgment of the country's largest oil company's inability to independently fulfill the entirety of the market demand, a decision was made to open up the oil market to private sector participation. However, this move has introduced increased competition that now poses challenges to Pemex's business and financial dynamics. While Pemex retains a substantial portion of oil wells in comparison to other entities within the energy sector, the predominant supply of this resource has been nearly balanced by contributions from the private sector. Moreover, the primary players in the distribution through gas stations are Mobil and G500, further intensifying the pressure on the leading company within the nation. This intensified competition makes it arduous for Pemex to effectively manage pricing and meet the population's demand.