Exxon Mobil Corp. plans to put off 397 workers from Pioneer Pure Sources Co. after buying the Permian Basin operator for $63 billion earlier this yr.
The cuts representing nearly 20% of Pioneer’s pre-merger employees will are available in seven phases between now and Might 2026, Exxon mentioned in a discover to the Texas Workforce Fee launched on Wednesday. They’ll largely have an effect on workers in Pioneer’s workplaces within the Dallas suburb of Irving and the West Texas city of Midland, in line with the discover.
The Pioneer acquisition elevated Exxon’s oil and pure fuel output to the very best in additional than a decade and made it the highest producer in America’s greatest shale basin. Value financial savings might be “significantly larger” than first anticipated, Exxon Chief Govt Officer Darren Woods mentioned throughout a name with analysts Nov. 1.
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Exxon plans to launch its long-term plan for the Permian area in addition to the combination of Pioneer in a Dec. 11 presentation.
“The success of this merger relies upon closely on the retention of Pioneer’s proficient workforce,” Exxon wrote within the discover. “Greater than 1,900 Pioneer workers had been provided jobs as a part of the merger, with effectively over a majority accepting their supply of employment.”
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