Mexico’s Petroleos Mexicanos (Pemex) was reported Thursday on both sides of the U.S.-Mexico border to be contemplating layoffs of up to 15,000 workers as apart of an overhaul of the government’s energy supply operations. However, NGI sources in California and Mexico City said it may be premature to talk about the possible downsizing of a workforce that is 72% union represented. “Given new appointments [to senior positions], there is a plan to reorganize the company into upstream and downstream segments,” said a Mexico City source who follows Pemex. A total restructuring is “still in process, so nothing has happened so far,” the source said. In California, an energy attorney specializing in Latin America said he had not heard of any layoffs, but any such move would be part of Pemex’s upcoming “modernization and streamlining efforts.” A spokesperson for Sempra Energy, which has extensive holdings in Mexico, said the company’s Mexico City office was unaware of any Pemex plans for layoffs.
Overhaul
Articles from Overhaul
Interior Issues Final Rule on Offshore Drilling Safety
The Interior Department Wednesday ended its overhaul of offshore safety practices brought about by Deepwater Horizon disaster a little more than two years ago, issuing a final rule on requirements for safety equipment, well control systems and blowout prevention (BOP) practices.
New York Fund Urges Chesapeake Shake-Up Following Icahn Letter
Chesapeake Energy Corp.’s shareholders gave a modest thumb’s up Tuesday to the news that Carl Icahn is now the company’s third largest shareholder, and another large shareholder group urged a board shake-up to extract value.
TransCanada Toll Reform Battles Market Change
A multi-sided battle is taking shape before Canada’s National Energy Board (NEB) over plans to overhaul the finances and tolls of Canada’s principal long-distance west-to-east natural gas transporter.
TransCanada Toll Reform Battles Market Change
A multi-sided battle is taking shape before Canada’s National Energy Board (NEB) over plans to overhaul the finances and tolls of Canada’s principal long-distance west-to-east natural gas transporter.
Brown Says He Will Support Financial Overhaul Bill
Sen. Scott Brown (R-MA), a critical swing vote, Monday said he will support the conference report on the overhaul of the financial regulatory system when it comes up on the Senate floor.
Sweeping Financial Regulatory Reform Clears Senate
The Senate late Thursday passed historic, broad-based legislation that calls for a sweeping overhaul of the nation’s financial regulatory system, including regulation of the over-the-counter (OTC) derivatives market for the first time.
Sweeping Financial Regulatory Reform Clears Senate
The Senate late Thursday passed historic, broad-based legislation that calls for a sweeping overhaul of the nation’s financial regulatory system, including regulation of the over-the-counter (OTC) derivatives market for the first time.
Senate to Begin Substantive Debate on Financial Reform Bill
Senators will begin offering amendments this week to either strengthen or weaken provisions in the far-reaching legislation that would overhaul the federal financial regulatory system, Wall Street banking practices and the $600 trillion derivatives markets.
Producers, Industrials Slam Senate Banking’s OTC Derivative Reforms
Riding high from their success with health care legislation last week, Democrats made overhaul of the financial regulatory system their next priority. The Senate Banking Committee took the first step last Monday, voting out a bill in less than a half hour to enact sweeping reforms. The measure drew fire from the energy industry for its failure to exempt end-users, who use over-the-counter (OTC) derivatives to hedge commercial risk, from the proposed central clearing and trading requirements for the nearly $500 trillion OTC derivatives market.
