In 2023, oil revenues of Participatory Federal Collection fell 52% compared to 2022, as a result they did not reach the amount programmed for the year.
“The difference is explained because Pemex deferred the payment of the Shared Utility Right (DUC) for four months and the Hydrocarbon Extraction Right (DEH) for six months; a lower price per barrel and a strengthened exchange rate were also factors that impacted oil revenues,” Moody's explained in an analysis.
He added that the participations represent the main source of operating income for states and municipalities, 65% on average in the case of states rated by Moody's and 45% for rated municipalities.
82% of the participation comes from the RFP, which is made up of tax and oil revenues from the federation.
In 2023, transfers from the Mexican Petroleum Fund (FMP) to the government reached almost 342,000 million pesos (mp), below the 487,700 million pesos estimated in the Federal Income Law.
Regarding the gap between oil revenues programmed in the revenue law and those observed, it was 30%, while tax revenues were only 2.2% below what was programmed in 2023.
