Pemex CEO Inherits One of World’s Most Inefficient Oil Companies

National oil companies tend to be more bloated and less efficient than their private-sector counterparts. Yet Petroleos Mexicanos, with a workforce of about 128,000, stands out even among its state-owned peers.

The amount of crude Pemex pumps per employee has slipped to just under 14 barrels a day, less than any other Latin American state producer except Petroleos de Venezuela. Brazil’s state oil company pumps nearly 48 daily barrels per employee. Colombia’s cranks out about 27. On the other side of the globe, Saudi Aramco — with a similarly sized workforce to Pemex — pumps more than 92. ...