Exxon to cut nearly 400 Pioneer employees in Texas by 2026

Exxon Mobil (NYSE:XOM) expects to lay off 397 employees from Pioneer Natural Resources, according to a notice to the Texas Workforce Commission released on Wednesday, after purchasing the company for $63B earlier this year.

The cuts representing nearly 20% of Pioneer’s pre-merger workforce will come in seven stages between now and May 2026, the notice said.

“The success of this merger depends heavily on the retention of Pioneer’s talented workforce,” Exxon (XOM) wrote in the notice. “More than 1,900 Pioneer employees were offered jobs as part of the merger, with well over a majority accepting their offer of employment.”

Exxon (XOM) has said it plans to release its long-term plan for the Permian Basin region as well as the integration of Pioneer in a presentation on December 11.