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Pioneer Cuts 25% of Workforce at Irving HQ, Permian Offices
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Pioneer Natural Resources has trimmed down its workforce by approximately 25% as it looks to save ~$100 million in G&A expenses, according to a report by the Dallas Morning News.
Approximately 230 employees were affected by this round of cuts.
Earlier this year, 300 senior executives at Pioneer opted to take severance packages and departed the company.
The layoffs were focused on staff at its Irving, TX corporate headquarters as well as its Permian Basin satellite office (with 160 and 70 cuts, respectively).
This move comes as Pioneer looks to cut $100 million in unnecessary expenses. It also announced in a recent presentation that it will be looking to monetize non-core assets - most notably its Targa-operated Midland Basin gas processing assets.
According to the report, Pioneer employed ~3,177 at year-end 2018. With these new cuts combined with the prior departures, its workforce now stands at about ~2,650 people.
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