GlobalData
2 min read
Mexico’s state-owned oil company, Petróleos Mexicanos (Pemex), is planning a corporate restructuring that includes cutting more than 3,000 tenured jobs to reduce costs and improve operational efficiency, reported Bloomberg, citing an internal company document.
The document outlines a plan to eliminate 3,114 tenured positions – approximately 28% of Pemex’s operational personnel budget for the year.
The proposed measures aim to generate savings of roughly 10.5bn pesos (around $540m), a move that would support the heavily indebted company’s attempts to stabilise its finances and increase oil output.
Although the savings represent just over 2% of Pemex’s projected $22.75bn operating budget for 2025, the restructuring includes reallocating 5.25bn pesos from the personnel budget to its exploration and production division to boost output.
The company is grappling with declining production, which has dropped to 1.62 million barrels per day, an 11% decline year-on-year and close to a four-decade low due to the country’s maturing oilfields.
Additional components of the restructuring include the elimination of three sub-directorates within the production division, the closure of nine management areas, and the consolidation of job functions to streamline operations and decision-making.
The proposed job cuts would mark a reversal of earlier assurances made by President Claudia Sheinbaum, who stated in February that the company would not reduce its workforce.
The cuts could also provoke tensions with Pemex’s influential unions, which represent more than 80% of its roughly 130,000 employees.
Pemex reported its fourth consecutive quarterly loss earlier this year and ended 2024 with around $30bn in losses. Its total financial debt stood at $101bn as of the first quarter of 2025.
The company is currently working with the federal government to manage $18.7bn in debt maturing next year.
Neither Pemex nor the Energy Ministry provided comment on the restructuring plans.
"Pemex plans restructuring, jobs cuts to achieve $540m in savings" was originally created and published by Offshore Technology, a GlobalData owned brand.
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