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
Venezuela catches the crypto craze
16 March 2018
Is "The Petro" a leap forward or just a cash grab?
A slimmer, fitter Adnoc
12 March 2018
With an eye on new paths being followed by NOCs in the neighbourhood, Abu Dhabi is injecting new energy into the firm
BP sees increasing energy sector competition
1 March 2018
The UK company's latest energy outlook flags up more diversity, but doesn’t predict an imminent collapse in oil demand