My previous post got removed for whatever reason, but here is the repost.
Pioneer forgot to follow its own rules to live by, especially those related to RESPECT values. No wonder they were worried when the news about the PE merger got leaked to the press. They did not want people to associate layoffs with the merger. But we all know the truth.
Performance and business values my a....
The way to look at it is # of employees per revenue or BOE PXD after the merger will be operating at 250 BOEPD per employee that is very attractive
It is interesting to see Exxon will be laying off 1900 US jobs which is equal to PXD employees
to the "get a life" kool-aid drinking pxd-er.
PXD before the layoffs had 2100 people, with 15% cuts, they are now 300 people less - about 1800.
PE before the layoffs had 450 people, with 10% cuts, they are now roughly 405 people.
Merging two companies, and considering that they plan on running no more than 5-6 fleets, and about 14 rigs, sounds like the PXD+PE has at least 400 employees more than it needs, which, in reality, is a lot higher than 400.
PXD could've merged and announced the layoffs after the merger, just like CVX and a lot of other companies are doing right now. But SS could not let the truth out, since he was bailing out his own son.
We are now staffed at 300 per rig. Seems excessive.
@Get a life
You must be one of the sad Sheep that had to stay or one of the sad excuse of Management making smart dumb decisions. LOL
Have you seen the price of oil over the last 7 months? Pioneer was staffed for 23+ rigs. That ain’t happening for a long time, if at all, with or without PE.
Get a life.