Exxon plans to reduce Pioneer Natural Resources' workforce by 20% following their merger.
Exxon will reduce the headcount at Pioneer Natural Resources by some 397 over the next two years, reducing the number of employees by 20%. The move follows Exxon ’s megadeal for the acquisition of Pioneer, which had a final price tag of around $62 billion. According to Bloomberg, most of the jobs to be axed are in Dallas and Midland, Exxon said in a notice submitted to the Texas Workforce Commission.
The deal was approved by regulators earlier this year, on the condition of banning Scott Sheffield, Pioneer’s former chief executive, from joining the board of the new company. The condition was based on allegations by the FTC that Sheffield was involved in an attempt to coordinate production cuts to lift oil prices, according to unnamed sources quoted by the Wall Street Journal.
Pioneer Natural Resources Merger Job Cuts Oil Industry Shale Production Delaware Basin Midland Basin Oil Prices FTC
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