Mexico City, (Reuters) – Pemex’s Board of Directors ratified the oil engineer Ángel Cid Munguía at the head of his exploration and production arm, in addition to a restructuring with which the company expects to reduce costs for about 181 million dollars, according to documents seen by Reuters.
Cid Munguía again took the Directorate of Pemex Exploration and Production (PEP) at the beginning of May after the departure of Néstor Martínez del position. The official had been at the head of the portfolio until the end of former president Andrés Manuel López Obrador, who gave power to President Claudia Sheinbaum on October 1.
The return of Cid Munguía to Pemex, the largest oil operator in Mexico and one of the largest companies in the country, occurred in the midst of the company to stop the fall in its production of crude oil, which reached 11.3% annual at the end of the first quarter, 1,615 million barrels per day (BPD), including partners.
The Board of Directors also approved the appointment of Ulises Hernández in the Subdirectorate of Exploration. Hernández has a long career in Pemex and was in charge of his marketing arm, known as PMI, in the López Obrador government.
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The holders of the Secretariats of Energy, Finance and Environment are part of the board of directors of Pemex, as well as the address of CFE.
A Pemex spokesman did not immediately respond to a Reuters consultation on the ratification of Cid Munguía at the head of Pep or Hernández’s appointment.
The Board of Directors also approved a new structure of Pemex, one of the most indebted oil companies in the world, with which it estimates to reduce costs for just over 3.5 billion pesos (181.36 million pesos).
The document seen by Reuters indicates that the “savings strategy” will be carried out by reducing administrative areas, avoiding duplications and payroll reduction.
The document does not explain whether payroll reduction would be personnel cuts or how many places would be lost. Two sources told Reuters that they would carry out layoffs of trusted personnel, but they could not give more details.
A Pemex spokesman said that so far the company had not made any document on cost reduction amounts derived from the new structure, in response to a Reuters consultation.
The company, with a financial debt of 101,100 MDD, is far from the pumping goal of 1.8 million BPD that President Sheinbaum has set for her sexennium.
The last time it was within the goal was in March last year with 1.81 million BPD, according to their own data.
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