59 Employees Including 10 In The Permian Basin Will Be Laid Off As Part Of A Workforce Reshuffle Following The Acquisition

ExxonMobil to Lay Off 59 Employees After Pioneer Acquisition

59 employees, including 10 in the Permian Basin, will be laid off as part of a workforce reshuffle following the acquisition.

HOUSTON (Reuters) - August 12, 2024 at 05:35 pm EDT

ExxonMobil Corp (XOM.N) is laying off 59 employees as part of a workforce reshuffle following its $56 billion acquisition of Pioneer Natural Resources Co (PXD.N).

The layoffs include 10 employees in the Permian Basin, a major oil and gas-producing region in Texas and New Mexico, according to a company spokesperson.

The layoffs come as ExxonMobil seeks to cut costs and improve efficiency following the acquisition, which closed on July 1, 2024.

ExxonMobil has not disclosed the specific reasons for the layoffs, but the company has been facing pressure to reduce costs amid a decline in oil prices.

The layoffs are expected to be completed by the end of the year, according to the company.