Pemex Chief: Mexico’s Oil Giant on Track to Meet Spending-Cut Goals

5/3/2016 The Wall Street Journal

pemex21MEXICO CITY—On his second day as the head of state-oil giant Petróleos Mexicanos this past February, José Antonio González Anaya got an early glimpse of what his new job would be like: He canceled an expensive contract to buy 40,000 computers.

“At large companies like Pemex, you don’t buy computers, you lease them,” said Mr. González Anaya in an interview on Tuesday at his office in Pemex’s headquarters. “By canceling the contract, we saved $171 million.”

The soft-spoken Mr. González Anaya, who is about to complete his first 100 days as Pemex CEO, has probably the toughest job in Mexico’s government: turning around an oil company that lost $30 billion last year, has seen oil output decline for 11 consecutive years, faces unfunded pension liabilities of $86 billion and is badly overstretched and overstaffed.

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