Job cuts made by Pioneer Natural Resources

In a move to cut $100 million from its overhead, Pioneer Natural Resources laid off 230 workers this week. The layoffs happened at the corporate offices in Irving, Texas and the Permian Basin.

They came after another 300 workers took earlier buyouts. Seventy of the layoffs happened in the Permian while 160 corporate employees were let go at Las Colinas.

Workers got the word in a series of Tuesday morning meetings.

 “Decisions like these are never easy. In this case, they were necessary to both align our cost structure with our business strategy and to create value for our shareholders over the long term,” the company said.

Pioneer said the job reductions represent 25% of its workforce. At the end of 2018, Pioneer said in a regulatory filing that it had 3,177 employees, including 1,006 in field and plant operations and 618 in related jobs.

The company’s revenue topped $9.4 billion in 2018, an increase of almost 73% over the previous year. Average daily production of oil, natural gas and natural gas liquids grew more than 17%. Pioneer even quadrupled its dividend. However, investors have been pressing oil and gas companies to reduce costs and return more profit to shareholders.

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