Pemex investor relations head leaves two weeks after CFO change

Meczyki

Several other executives left earlier this year.

– Lucero Medina’s departure reported by people familiar
– Pemex is restructuring its debt and five-year business plan

By Amy Stillman / Bloomberg News

MEXICO CITY
Petroleumworld 12 16 2021

Petroleos Mexicanos’s head of investor relations Lucero Medina has left the state oil giant just two weeks after the CFO was replaced, according to people familiar with the situation.

The people asked not to be named because the information isn’t public. A Pemex representative didn’t immediately respond to messages seeking confirmation.

The departure at a turbulent moment for the oil producer follows the appointment of Antonio Lopez-Velarde as interim chief financial officer, replacing Alberto Velazquez Garcia. Several other executives left earlier this year.

The management changes come at a time when President Andres Manuel Lopez Obrador’s government tightens its grip on the struggling state driller and seeks to shore up its finances.

Pemex is embarking on a series of bond buybacks and new issuance to reduce the cost of servicing its borrowings. As part of the initiative, which includes a $3.5 billion capital injection from the government, Pemex pledged to overhaul its five-year business plan and make changes to its management team following more than a decade of long-term oil production declines and soaring debt — which, at $113 billion, is the highest of any major oil company.

Among other departures, Vanessa Ramirez, the former CFO of Pemex’s trading arm PMI, left in April and Miguel Angel Lozada, the previous director of exploration and production at Pemex, in February. The former director of commercial products at PMI, Luz Wiley, left in January, and Jose Luis Cardenas Dominguez, the previous director of administration at PMI, resigned in November of last year.

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By Amy Stillman from Bloomberg News

bloomberg.com 12 15 2021

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