A respite (with taquito flavor) for the oil family
In a plot twist that no one expected in the soap opera of the national economy, the majority of the unionized workers of Petróleos Mexicanos said yes to the adjustments in their Collective Labor Contract. Basically, it’s like when your boss offers you pizza on a Friday instead of the productivity bonus you asked for, but on a monumental scale. The package includes a 4.5% pay and benefits increase, a figure that, let’s be honest, in the era of post-pandemic inflation feels more like a “here you go” than a celebration, but which is surely better than simple applause from the balcony.
For those who are already dreaming of their golden retirement (or at least a decent one), retirement pensions will also see a relief of 4.32%, retroactive to August 1, 2025. In other words, a small trip back in time so that your pocket does not suffer so much from the effect of memecoins and avocado prices.
The vote: When the yes vote wins by a landslide
The Union of Petroleum Workers of the Mexican Republic (STPRM), that entity that sometimes seems to have more power than an influencer with 10 million followers, reported that of the 89,822 employees with the right to vote, 70,710 decided to participate. Of those, an overwhelming majority of 60,989 workers (86% that leaves no room for doubt) raised their virtual hand (or the ballot) to approve the Agreement to Modify the Collective Bargaining Contract 2025-2027. That is, almost nine out of ten people agreed on something, a rarer event than finding a four-leaf clover in the Zócalo.
In a statement that sounded more like an electoral victory speech than a union note, the STPRM declared that this “demonstrated its commitment to the defense of union conquests and reflects the confidence of the workers in their Union Organization.” Translation: the union is still strong, confirmed. This new labor contract provides, according to the report, “important labor improvements and benefits”, a direct achievement of the negotiation with the parastatal. And, like every good season finale, they left a cliffhanger: “We know there is still a lot of work to do…”. We know it too, dear ones, we too.
The elephant in the refinery: Debt and operational challenges
While workers celebrate their raise, Pemex continues to navigate more turbulent waters than a mariachi on a pirate ship. The company faces horror movie operational challenges, mainly a reduction in its production platform which currently stands at 1.6 million barrels per day. The government’s goal is to bring it to 1.8 million to serve the national market, a goal that sounds as ambitious as trying to arrive on time for an appointment in Mexico City during rush hour.
But the drama doesn’t end there. In the financial area, the panorama is directly apocalyptic. The company is saddled with a debt with creditors of $98 billion. To put it in perspective, it’s like they owe you 98 billion times a basket taco. And if that were not enough, it also owes its suppliers the not so modest amount of 23 billion dollars. Come on, the financial situation is so complex that it would make even the most experienced accountant cry.
Faced with this scenario worthy of an epic rescue, the federal government has stepped in to support the company, currently directed by Víctor Rodríguez Padilla. The strategy has included the placement of guaranteed debt with the Treasury and development banks, all with the hope that the oil company will be sustainable by 2027. Spoiler alert: the mission seems more complicated than assembling an IKEA piece of furniture without the instructions.
And in the midst of all this whirlwind, the cameo of the Olmeca Refinery in Dos Bocas could not be missed, the pharaonic project par excellence. The agreement establishes that, once the facility is integrated into Pemex’s assets and the Local Training and Training Committee and the Local Mixed Safety and Hygiene Commission are established, a union commissioner will be authorized to carry out the corresponding functions. Basically, they are putting together the team of superheroes that will try to save the day in this never-ending saga.
In short, while workers breathe a little easier with their increase, the company that employs them is fighting an existential battle against red numbers so big that they are dizzying. It is the chronicle of a dual Mexico: that of conquered labor rights and that of public finances that seem like a Jenga game about to collapse.
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