Related Articles
Forward article link
Share PDF with colleagues

Rise of the slashers

Latin America’s oil majors are turning to bankers to cut fat and mend desperate finances

When oil prices were booming, Latin America’s oil giants spent big chasing world-beating reserves, from Brazil and Mexico’s deep waters to Argentina’s shale deposits. Today, they are spending less time hunting for new discoveries and more time trying to repair balance sheets wrecked by oil’s downward turn and swamped by huge debts. Mending those finances demands a different skill set at the top. Petrobras, Pemex, Ecopetrol and YPF have all seen turnover in the chief executive’s office in the past 15 months. The new faces show that industrial engineering skills are out and financial engineering expertise is in. New leaders from the financial world have moved in to the top roles. They bring

Also in this section
Saudi Arabia pushes ahead with IPO
22 March 2017
The state firm is making the right noises about its privatisation, but the clock is ticking and market fundamentals could still shift
An M&A lifeline in the North Sea
15 March 2017
Assets that cut tax bills could be a blessing for UKCS operators looking for a bargain
Depth, breadth and data
15 March 2017
Fresh from the merger with Baker Hughes, GE Oil & Gas boss tells Petroleum Economist about his firm's plans for digital analysis, cost-cutting and recovery