Pemex will cut 1.4% of its confidential personnel

Petróleos Mexicanos (Pemex) will cut up to 1.4% of its confidential staff as part of its spending cuts following its corporate restructuring, the company announced Wednesday.

Amid the financial pressure the oil company is facing, this adjustment would mean laying off approximately 360 people, representing just 0.28% of its payroll of 129,198 workers by the end of 2024.

"As of December 31, 2024, unionized personnel represent 80% of the Issuer and Subsidiary Entities' workforce," the company reported in its 2024 annual report, which indicates that its trusted personnel totals approximately 25,840 people.

The staff reductions "aim to strengthen the value chain, eliminate duplication of functions and positions, redirect resources toward substantive operational activities, and optimize public spending," the state-owned company said in a statement.

It is worth remembering that on May 22, 2025, Pemex's Board of Directors approved the company's new Organic Statute, and on May 30, 2025, it was published in the Official Gazette of the Federation.

Pemex's corporate restructuring stems from the constitutional reform on strategic industries and its secondary legislation, enacted last March. This establishes that the company will be vertically reintegrated, now as a public enterprise, abandoning the status of "state-owned productive enterprise" it had achieved through the 2013-2014 energy reform.

"The structural adjustment has been designed to focus payroll expense reductions on administrative support areas, without affecting the company's core operations," Pemex reported.

He stated that in terms of budget, the company has canceled vacant positions and adopted administrative measures aimed at containing and optimizing spending on personal services.

"It is estimated that the number of liquidations represents less than 1.4% of permanent trust positions, considering the hierarchical level of the positions and without compromising strategic objectives," he said.

The savings from these actions, he projected, amount to approximately 3.532 billion pesos for 2025 and 1.266 billion for 2026, equivalent to 9.41% and 12.78%, respectively, of the budget authorized in the Federal Expenditure Budget for permanent positions of trust.

During the first quarter of 2025, Pemex's sales fell 2.5% to 395.59 billion pesos and it recorded net losses of 43.329 billion pesos, although it had EBITDA of 124.384 billion pesos.