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ExxonMobil Corporation XOM, the U.S. energy giant, has begun a workforce reshuffle, leading to layoff notices for 59 employees, per a Reuters report. This move is part of XOM’s broader workforce restructuring plan following its ($60 billion) acquisition of Pioneer Natural Resources.
The majority of the layoffs (39 employees) are from Las Colinas, a Dallas suburb that previously served as Pioneer’s headquarters in Irving, TX. Additionally, 18 employees from Midland, located within the prolific Permian Basin, and two from the Concho Valley in West Texas, have also been laid off.
According to the report, more than 1,500 Pioneer employees were offered positions within the company as part of the merger. Pioneer, prior to the acquisition, had a workforce of approximately 2,200 employees. The company clarified that the affected employees were either provided with transition roles or had declined offers to continue with ExxonMobil.
This strategic acquisition merges Pioneer’s substantial 850,000 net acres in the Midland Basin with ExxonMobil’s 570,000 net acres in the Delaware and Midland Basins. The consolidation of these assets is expected to enhance ExxonMobil’s operations in the Permian Basin, a key area for U.S. shale oil production.
As ExxonMobil integrates Pioneer’s resources and workforce, the company remains focused on optimizing its operations to maintain its competitive edge in the global energy market. The layoffs, though limited in scope, are part of the broader adjustments needed to streamline the newly expanded organization.
This merger highlights ExxonMobil’s commitment to strengthening its presence in the U.S. shale market, with the Permian Basin playing a critical role in the company’s long-term growth strategy.
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like SM Energy Company SM, Northern Oil and Gas, Inc. NOG and The Williams Companies, Inc. WMB. While SM Energy currently sports a Zacks Rank #1 (Strong Buy), Northern Oil and Gas and The Williams Companies carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $7.09. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Northern Oil and Gas’ core operations are focused on three leading basins of the United States — the Williston, Permian and the Appalachian. The upstream operator uses a unique nonoperating business model, which helps it to lower costs and increase cash flow.
The Zacks Consensus Estimate for NOG’s 2024 EPS is pegged at $5.18. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
The Williams Companies is a premier energy infrastructure provider in North America. The company’s core operations include finding, producing, gathering, processing, and transporting natural gas and natural gas liquids. Boasting a widespread pipeline system of more than 33,000 miles, Williams is one of the largest domestic transporters of natural gas by volume.
The Zacks Consensus Estimate for WMB’s 2024 EPS is pegged at $1.75. The company has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
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The post ExxonMobil (XOM) Lays Off 59 Workers Post Pioneer Merger appeared first on Energy News Beat.
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