ExxonMobil plans to cut nearly 400 jobs in Texas

Posted by Admin November 15, 2024 Jobs

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The company plans to cut 376 jobs in Irving and 18 in Midland. Credit: rarrarorro/Shutterstock.

ExxonMobil will reduce its workforce in Texas by nearly 400 positions following its acquisition of shale producer Pioneer Natural Resources, Reuters reported, citing a regulatory filing.

The company is planning to eliminate 376 jobs in Irving and 18 in Midland.

This move comes after offering jobs to around 1,900 Pioneer employees, most of whom have accepted the offers.

The company’s employment strategy remains focused on retaining Pioneer’s skilled workforce.

The Worker Adjustment and Retraining Notification (WARN) letter stated: “Our employment strategy has not changed – the success of this merger depends heavily on the retention of Pioneer’s talented workforce.”

ExxonMobil plans to release 110 employees by the end of 2024, with an additional 178 employees affected throughout 2025. The remaining 100 job cuts are scheduled for 2026.

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A spokesperson for ExxonMobil did not comment on the matter.

Earlier this month, ExxonMobil agreed to sell its Permian Basin conventional oil assets in Texas and New Mexico to Hilcorp Energy for approximately $1bn.

This move is part of a broader trend of US oil and gas companies divesting older properties, with Hilcorp emerging as a significant buyer of mature oilfields.

The transaction involves conventional vertical wells rather than the horizontal wells used for shale extraction. Exxon confirmed the sale but did not disclose the buyer or the valuation.

Additionally, in its third-quarter (Q3) financial report, ExxonMobil reported a 4.4% decrease in Q3 2024 earnings, amounting to $8.61bn compared with $9.01bn in Q3 2023.

Total revenues for the quarter reached $90.01bn, slightly below the $90.76bn recorded in the previous year.

Upstream earnings fell to $6.2bn in Q3 2024, impacted by lower crude prices and higher exploration costs.