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Pemex Said to be Preparing an Operational Restructuring to Save Costs
May 23, 2025
Mexican state-owned oil company Pemex, is preparing to restructure parts of its operations to cut costs, according to a May 2025 document seen by Reuters. Earlier reports hinted at a potential layoff of over 3,000 tenured employees, in an effort to save ~MXN 10.5bn ($543mn). However, the updated document did not confirm or deny this detail. Regarding leadership turnover, Angel Cid Munguia is now leading Pemex’s exploration and production division, succeeding Nestor Martinez. Sources suggest the restructuring plan has evolved significantly as compared to an earlier version circulated in April. Pemex recently reported a $2.1bn quarterly loss with financial debt at $101.1bn. The Mexican government continues to support Pemex in light of its finances, with Barclays recently indicating that the company may receive potential government support of approximately $55bn over the next five years.
Pemex’s 5.95% 2031s were trading stable at 87.4, yielding 8.8%.
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