Pemex plans to restructure, cut jobs in 2016

Pemex plans to announce job cuts and other restructuring measures for 2016, according to Bloomberg, citing Pemex’s interim CFO, Rodolfo Campos. The number of proposed job cuts was not disclosed.

The company’s overall strategy is to form partnerships along the entire production chain, including upstream partnerships, or farm-outs.

Bloomberg noted that oil production at Pemex is at its lowest level in 25 years, following a series of accidents and budget cuts. The company is nearing $100 billion in debt and recently posted a record loss of about $10.2 billion in the third quarter.

Campos, Pemex’s treasurer, began serving as interim CFO after former CFO Mario Beauregard stepped down on Nov. 13, soon after Pemex reported its record loss. Juan Pablo Newman, the adjunct financial director of Mexico’s Nacional Financiera development bank, known as Nafinsa, will replace Beauregard on Jan. 1, 2016.  

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