Permian Giant Pioneer Natural Resources Cuts Workforce by 25% in Move to Slash Overhead

Pioneer Natural Resources laid off 230 employees Tuesday as the Irving-based driller works to cut $100 million from its overhead.Tuesday's layoffs at its corporate offices in Las Colinas and the Permian Basin is in addition to 300 people who took an earlier buyout described as "generous."An internal email posted to TheLayoff.com, a website that tracks company layoffs, said 160 corporate employees and 70 in the Permian were notified Tuesday morning. Police were present at the company's corporate offices to assist and escort affected employees off the campus.The company acknowledged the layoffs in a statement to The Dallas Morning News. Employees were told their jobs were being eliminated in a series of meetings and communications that started at 9 a.m."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.  Continue reading...