Pemex, the Mexican oil monopoly, is on dire straits.  The source of around 30% of the government budget, it has issues with the union, the lack of productivity and of technology for deep sea drilling, where the last known reserves are expected to be.  Reform, however, is not an option since the oil industry in Mexico is intimately tied to arcane notions of nationhood.

For an overview of the situation, Bloomberg and Paco Calderón give the basics.

Of course, that's what happens when you treat an industry like the golden calf.