I understand your concern, but I'm not sure that having a US version of Pemex is the only or best solution to the problem. Perhaps it would be simpler to have a law preventing US oil companies (and other key industries that are vital to our security) from having majority shareholders who are not US citizens or US-based corporations.
I agree, I live in Texas and thought all along this was an easy way for Saudis to bankrupt our frackers and buy for pennies