While not exactly a Miss Universe crowning, keeping head above water (English) as an emerging economy where approximately one-third of the federal budget depends on falling oil prices is a cause for gratitude. While some observers express doubts (English) about the situation, Pemex continues adjusting its budgets for 2016 and polishing the three awards (English) it received from LatinFinance. Nonetheless, Pemex is plagued by debt (Spanish) and falling oil price projections for the year. At the outset of the Great Recession, the joke in Latin America went something like “Another economic crisis? We’ll be fine…we’ve done this a bunch of times!” One can only hope the practice will come in handy during 2016.