Mexican state oil company Pemex is embarking on a major restructuring plan, which includes the layoff of over 3,000 experienced employees. This cost-cutting measure comes amidst mounting financial pressure and aims to alleviate Pemex’s substantial debt burden. The layoffs are anticipated to result in a savings of approximately $543.4 million, according to official sources. The restructuring will be spearheaded by Pemex’s finance department, as confirmed through internal memos distributed to managers in Hidalgo. This move follows recent leadership changes, including Angel Cid Munguia’s appointment as head of exploration and production after Nestor Martinez’s departure.