Pioneer Natural Resources looks to cut costs with 'generous' buyout offer
Pioneer Natural Resources is looking to eliminate potentially hundreds of jobs with what it describes as a "generous" voluntary buyout offer to employees.
If not enough employees agree to leave, the Irving-based oil and gas exploration company said it will be forced to lay off additional workers by June. A report by television station KOSA quoted current and former employees as saying Pioneer wants to shed 300 jobs.
Pioneer had previously prided itself in being able to ride out swings in the often-volatile oil business without ever having a layoff. It had 3,177 employees at the end of 2018, according to a regulatory filing.
Spokesman Tadd Owens declined to respond to questions beyond the company's prepared statement, which emphasized its commitment to owning only Permian Basin assets. It did not specify terms of the buyout.
Read more: https://www.mrt.com/business/oil/article/Pioneer-Natural-Resources-looks-to-cut-costs-with-13747790.php
I used to work in the same office building where Pioneer Natural Resources is located and was also a much smaller company of about 300 employees.
