Latest news with #PetroleosMexicanos
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
Mexico's Pemex to Trim Costs With Restructuring-Related Job Cuts
MEXICO CITY–Mexican state-owned oil company Petroleos Mexicanos said it expects to save around $185 million in administrative costs this year with layoffs of non-union staff as part of the company's restructuring into a vertically integrated company following changes in Mexican laws. The restructuring aims to eliminate duplicate functions and positions in areas such as marketing, planning, and contracting services, while channeling more resources to operating activities, Pemex said Wednesday.
Bloomberg
6 days ago
- Business
- Bloomberg
Investors Bet Sheinbaum Can Rescue Pemex Where Others Failed
For a company drowning in debt, Petroleos Mexicanos SA is enjoying a rare wave of investor optimism. Buyers are snapping up the driller's bonds, betting President Claudia Sheinbaum can stabilize its finances and restore credibility for the state-owned giant. The extra yield investors demand to hold the company's debt over Mexican sovereign bonds has shrunk to almost three percentage points, hovering near a record low on speculation that the government will unveil a sweeping package of about $50 billion to shore up Pemex.
Bloomberg
03-06-2025
- Business
- Bloomberg
Carlos Slim Is Quietly Becoming Pemex's Partner of Last Resort
The transformation of Mexico's richest person into its most important oil baron came about slowly, almost subtly. Carlos Slim built up a stake in Talos Energy Inc. before flipping it for the company's Mexican unit. There was a 2023 deal for $530 million to buy a pair of oilfield assets from a fellow billionaire. Then a $1.2 billion plan to develop a gas deposit in the Gulf of Mexico. Add it all up, and Slim has spent more than $2 billion to become the most prominent private partner to state-owned Petroleos Mexicanos — and, really, one of the only investors willing to do business with the heavily indebted, operationally challenged oil monopoly.
Yahoo
23-05-2025
- Business
- Yahoo
Pemex Eyes Job Cuts to Save $540 Million Via Restructuring
(Bloomberg) -- Mexico's state oil company Petroleos Mexicanos is discussing plans to slash over 3,000 jobs in a proposed corporate restructuring that is expected to save the company millions as the indebted driller and refiner tries to shore up its finances and boost production. Can Frank Gehry's 'Grand LA' Make Downtown Feel Like a Neighborhood? NY Private School Pleads for Donors to Stay Open After Declaring Bankruptcy Chicago's O'Hare Airport Seeks Up to $4.3 Billion of Muni Debt NYC's War on Trash Gets a Glam Squad NJ Transit Makes Deal With Engineers, Ending Three-Day Strike Pemex aims to cut as many as 3,114 tenured employees as part of a larger restructuring push that is expected to save the company around 10.5 billion pesos ($540 million), according to a company document dated April and seen by Bloomberg News. The cuts would amount to about 28% of the operational budget for tenured personnel this year, the document said. A Pemex spokesman declined to comment. An Energy Ministry spokeswoman didn't immediately reply to a request for comment. The document did not specify the state of the discussions or whether the plan had been approved. While the savings amount to just over 2% of Pemex's total $22.75 billion operating budget for 2025, the cuts help shore up the company's balance sheet as it seeks to dig itself out from under a more than $100 billion debt burden and boost production. The restructuring would transfer 5.25 billion pesos from the company's personnel budget to its exploration and production arm in a bid to boost output, according to the document. Pemex posted its fourth straight period of negative results last quarter, and roughly $30 billion in losses last year. Crude and condensate production has slumped to 1.62 million barrels per day, down 11% from a year earlier and near a 40-year low, largely due to Mexico's maturing oil fields. The operation would also eliminate three sub-directorates with Pemex's production arm, eliminate nine management areas and transfer their remits into other departments, remove duplicate jobs and streamline decision-making, according to the document. The staffing cuts are a blow to Pemex's powerful unions, which represent over 80% of the company's roughly 130,000 person workforce. The layoffs are also an about face in policy for Pemex leadership, after President Claudia Sheinbaum said in February the company wouldn't cut its employees. Pemex's total financial debt stood at $101 billion in the first three months of the year. The company is working with the federal government to craft a payment plan for its roughly $18.7 billion in financial debt maturing next year, company officials said in the company's latest earnings call. Pemex bonds were little changed after US trading hours on Thursday. Company notes due 2027 had closed 0.2 cents lower at just under 99 cents on the dollar. The document was reported earlier by local newspaper Reforma. (Updates with additional context from fourth paragraph) Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol Anthropic Is Trying to Win the AI Race Without Losing Its Soul Microsoft's CEO on How AI Will Remake Every Company, Including His ©2025 Bloomberg L.P.
Bloomberg
22-05-2025
- Business
- Bloomberg
Pemex Eyes 3,000 Job Cuts to Save $540 Million Via Restructuring
Mexico's state oil company Petroleos Mexicanos is discussing plans to slash over 3,000 jobs in a proposed corporate restructuring that is expected to save the company millions as the indebted driller and refiner tries to shore up its finances and boost production. Pemex aims to cut as many as 3,114 tenured employees as part of a larger restructuring push that is expected to save the company around 10.5 billion pesos ($540 million), according to a company document dated April and seen by Bloomberg News. The cuts would amount to about 28% of the operational budget for tenured personnel this year, the document said.
