Local oil company to lay off hundreds of employees
This week, hundreds of employees at Pioneer Natural Resources found out they could lose their jobs, despite the continued boom in the oil industry.
Several current and former employees of the company tell CBS7 that Pioneer is looking to eliminate about 300 jobs.
In a statement, the company said it is simplifying its organizational structure, and focusing all its assets on the Permian Basin.
CBS7’s financial expert Mickey Cargile said that layoffs during periods of growth are not uncommon and that Pioneer hired too many people, and as a result, was spending too much money.
“If they did overspend,” Cargile said, “Then they overspent with the idea of growing the company faster. So I don’t think its anything near negligence. It's simply a case of sometimes you grow too fast.”
Pioneer said it is offering voluntary separation packages to people willing to give up their job, including many who are close to retirement. Still, the company expects a number of employees will be fired.
Pioneer said it plans to have all the layoffs finished by June.
You can read the full statement from Pioneer below: