LAUSR

Abstract: The difficult situation that Pemex is currently experiencing not only contrasts with the company's trajectory in previous decades, when it became a reference for other Latin American companies in the sector, but also with the expansion and control of the world energy market that has characterised other public oil companies. This paper, our aim was therefore to identify the performance determinants of public oil companies and, specifically, to discuss a factor that has been frequently debated in the specialised literature ―the role that the company plays as an instrument of the national fiscal policy. This work shows how the dynamic relationship established between the State and the company through its role in the national developmental strategy helps to explain company performance in the sphere of production at two different time points in its long history.