ExxonMobil to Shed Nearly 400 Texas Jobs Following $60 Billion Pioneer Acquisition

After acquiring Irving-based Pioneer Natural Resources, ExxonMobil intends to lay off around 400 employees in a significant oil industry consolidation. According to Chron, a notification to the Texas Workforce Commission detailed the layoffs, which mostly affected workers in Irving and Midland, Texas. The process of cutting jobs is anticipated to last until May 2026 and will be carried out in seven stages.

The company has made it apparent that a significant amount of Pioneer’s staff was incorporated into its operations, even though it aims to implement scaled reductions that will release 110 employees by the end of this year and another 178 throughout 2025, with the remaining employees in 2026. The Worker Adjustment and Retraining Notification (WARN) letter, which KHOU was able to get, stated, “Our employment strategy has not changed – the success of this merger depends heavily on the retention of Pioneer’s talented workforce.” Most of the more than 1,900 Pioneer employees who received job offers after the merger accepted them.

Completed in May, ExxonMobil’s acquisition of Pioneer was a significant deal that valued the business at around $60 billion and made it their largest since the 1999 Mobil acquisition. Following the acquisition, it was claimed that $141.4 million in payments were made to former Pioneer CEO Scott Sheffield and other personnel. But according to the terms of the agreement, Sheffield will not be joining the Exxon board.

ExxonMobil’s oil production in the Permian Basin is anticipated to more than quadruple as a result of this deal, reaching 1.3 million barrels per day. Despite its layoffs, the Houston oil behemoth made $8.6 billion in the quarter that ended on September 30. According to Reuters, the industry is still facing difficulties, as evidenced by the staff reductions experienced by ConocoPhillips and Marathon Oil as a result of their own mergers. Additionally, it was stated that Shell Global was reducing its upstream personnel by up to 20%.

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