Pioneer Cuts Hundreds of Workers in Texas



Pioneer Cuts Hundreds of Workers in Texas
The Permian pure-play company has reportedly cut 25 percent of its workforce as it continues to cut costs.

Pioneer Natural Resources Co. has laid off 230 employees in Texas, according to local news outlets.

The layoffs, which The Dallas Morning News reported occurred Tuesday, affected 160 employees in the company’s Las Colinas office and 70 employees in its Permian office.

The cuts account for 25 percent of the Permian pure-play company’s workforce and are part of its corporate restructuring efforts to eliminate $100 million in general and administrative (G&A) costs.

“As a leader in the Permian Basin, we continue to take steps to reduce our cost structure. We ended last year by executing on strategic initiatives to materially reduce our drilling, completion and facilities capital. We are now taking action to reduce our corporate general and administrative costs,” Pioneer CEO Scott Sheffield said in the company’s first quarter financial and operating report.

Earlier this month, Pioneer asked one-third of its senior managers to retire.

Those affected in Tuesday’s layoffs will reportedly receive severance as well as job search assistance.

Pioneer could not be reached for comment as of press time.



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Rahul Sancheti  |  May 27, 2019
" Those affected in Tuesday’s layoffs will reportedly receive severance as well as job search assistance. " This is really good at least. Appreciated.