Pemex Eyes 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.