PEMEX’s Contractors Prepare to Protest: The Week in Oil and Gas

In this week’s roundup, PEMEX contractors prepare protests due to the rippling effects of its unpaid debt to suppliers, while President Claudia Sheinbaum says that her administration is considering capping gasoline prices. 

Meanwhile, Chevron announces plans to cut its global workforce by 15% to 20% by the end of 2026.

Ready for more? Here is the weekly roundup!

PEMEX Pays Suppliers, but Economic Impact Persists

PEMEX contractors are preparing to protest citing mounting unpaid debts, which they argue are threatening business operations and employment in Mexico’s oil-producing states. Eustacio Pérez, Representative, PEMEX Contractor Front, said that the company’s total debt to suppliers exceeds MX$400 billion (US$19.7 billion), with MX$150 billion owed in Tabasco alone.

Sheinbaum Proposes Gasoline Price Cap Amid Market Challenges

President Claudia Sheinbaum confirmed that her administration is negotiating with fuel producers and retailers to cap gasoline prices at MX$24/L. The proposal comes in response to price disparities at fuel stations, where some charge as much as MX$27/L, said the government. Sheinbaum stated that the Federal Consumer Protection Agency (PROFECO) will continue overseeing pricing practices to prevent excessive charges. 

Chevron to Cut 15%-20% of Its Workforce

Chevron will reduce its global workforce by 15% to 20% by the end of 2026 as part of a broader effort to cut costs, simplify operations, and finalize a major acquisition. The announcement follows production challenges and a court battle over its US$53 billion deal to acquire Hess Corporation.

Trump Appoints Kathleen Sgamma to Lead BLM

Trump’s administration has appointed Kathleen Sgamma to lead the Bureau of Land Management (BLM), placing a long-time oil and gas advocate in charge of federal land use policies. Sgamma has been critical of previous efforts by the Biden and Obama administrations to prioritize land conservation over energy development.

PEMEX Makes Progress in Sustainability Goals: CA100+

Investors involved with the Climate Action 100+ (CA100+) initiative have expressed optimism about PEMEX and its efforts to reduce greenhouse gas (GHG) emissions. The company’s first Sustainability Plan has set ambitious emissions reduction targets.