They haven't been putting enough money in capital. The other big joke is privatizing Pemex. The company has nothing to sell. The company has more liabilities than assets. They haven't spent any money in capital in 30 years.
Most oil companies plow a third of their oil revenues back into capital.
Pemex puts back less than five percent. It is a heavily decapitalized company that has been run on a current basis for years and they have milked the thing dry. If they told the Congress the truth they would neverget this bailout package through. The truth is that this is a bailout for wealthy Wall Street bankers and the Mexican elite. Most the business people in Mexico knew about the devaluation of the peso before it happened and moved billions of dollars out of the country.