Thread regarding Pioneer Natural Resources Co. layoffs

It was only a matter of time since the last run with layoffs that Pioneer would be sold. The combination of Pioneer and Exxon makes sense on same basin assets, saving in operations. Pioneer has done many acquisitions when it was growing by drilling and by Acquistion. By acquisition the producing oil assets are purchased, that bad assets with environmental liability of cherry stemmed out. It is a rare person that survives a company acquisition and will get a job with Exxon, historically the closer you were to the wellhead the better the chance to survive, lease operators have the best opportunity. The departure packages will be good but not enough unless you are already 66.5 years old, and the last layoff harvested everyone over 55 years old. Immediately the IRS will take 33-35% of the one-time package payment for taxes. Most of the people now at Pioneer are in the 40s and 50 and will need to work another 20 years. You may be senior managers now at Pioneer, but you will be starting over if you stay in the industry. Due diligence will take time on the part of Exxon, so I doubt if a deal that closing with occur much before the 2nd quarter 2024. Pioneer has had an incredible run of successes, was on incredible place to work and they had excellent talent. Hydrocarbons and internal combustion engines are going to be around for many more years, but I do believe there will be a period now of acquisitions and economy of scale. My best to the folks that work for Pioneer.