Exxon Mobil Reduces Staff After Pioneer Merger: Report

Exxon Mobil Corporation XOM shares are trading lower premarket Tuesday. The company reportedly issued layoff notices to 59 employees as part of a workforce restructure following its $60 billion acquisition of Pioneer Natural Resources.

Exxon said it offered jobs to over 1,500 of Pioneer’s roughly 2,200 employees as part of the merger, reported Reuters.

The layoff notices include 39 workers from Las Colinas, the former headquarters of Pioneer Natural Resources in Irving, Texas.

Exxon did not specify how many of the 59 employees would be laid off versus offered new positions.

The oil and gas company stated that employees receiving layoff notices have either been offered transition roles or opted not to join the company. The notices also include 18 workers from Midland and two from the Concho Valley, both in West Texas.

This month, the company reported second-quarter revenue of $93.060 billion, beating the consensus of $90.987 billion, and adjusted EPS of $2.14, surpassing the $2.01 estimate.

Investors can gain exposure to the XOM via Energy Select Sector SPDR Fund XLE and IShares U.S. Energy ETF IYE.

Price Action: XOM shares are down 0.35% at $118.58 premarket at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Del Henderson Jr. via Shutterstock

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