A fatal accident last week at a Houston-area refinery was another reminder of the risks posed by the oil industry that dominates much of the city.

The vast Deer Park facility, owned by Mexico’s state-owned oil company Petroleos Mexicanos, halted some of its operations after a hydrogen sulfide leak. The incident left two workers dead and at least 35 people injured. The US Chemical Safety and Hazard Investigation Board has started a probe.

Sadly, Houstonians are accustomed to such events on their doorstep. Just last month, and also in the Deer Park area, a deadly car accident resulted in a fire on a natural gas liquids pipeline that burned for days, forcing the evacuation of local residents.

But the deaths at the Deer Park refinery are also a reminder of the poor safety record of Pemex, which took full control of the site after buying out former partner Shell Plc in 2022.

In September, a fire at Pemex’s Salina Cruz refinery in Mexico’s Oaxaca state left two dead.

The company had nine worker fatalities in 2022, according to the most recent data available to Bloomberg. There were 12 the year before, including five people killed in an offshore platform accident.

By way of comparison, Exxon Mobil Corp. and Chevron Corp., which both produce more crude than Pemex, recorded two deaths each last year, the data show.

Beyond the human cost, Pemex’s poor safety performance is a concern for its bondholders, especially those focused on environmental, social and governance issues. The company’s relatively weak ESG score has deterred some investors.

That would be a problem for any business, let alone one that has rarely made a profit in recent years while accumulating more debt than any other major oil producer.

Concerns about safety and other ESG issues spurred some investors to press Pemex to act. Their pressure led to the company releasing a debut sustainability plan in March.

It now has a target for net-zero emissions by 2050 — and is also aiming for zero fatalities.

—Simon Casey, Bloomberg News