Larry B. Pascal and Carlos Alva, partners at Haynes Boone: “Next year’s election is critical for Pemex, and the results could lead to fundamentally different outcomes and policies for the company. If Morena candidate Claudia Sheinbaum wins, the policy of financial support for Pemex and the emphasis on development of fossil fuels is expected to continue. In contrast, if opposition candidate Xóchitl Gálvez wins, Pemex may change dramatically by devoting more resources to renewable energies and abandoning its historic 100 percent dependence on fossil fuels. If the next administration continues with the current energy policy, government support for Pemex will continue to work to reduce the company’s debt and provide financial support to its projects, such as the Dos Bocas Refinery, which is expected to be fully operational by early 2024. However, with a change of direction in Mexico’s energy policy, Pemex could open up once again to partnerships with…”