Rumours are true. Exxon offered $250/share. Currently, the board is voting. Expected vote is YES. Decision will be announced in an all-employee meeting tomorrow.
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Pioneer has an interesting history, early on it was filled with combative managers that came from Mesa and Parker and Parsley; all were fighting for a place and a future in the new Pioneer. Almost immediately after the move from Midland there was a layoff, demotions and salary reductions. By 2001 the infighting finally began to subside, and the P&P Managers basically won the cake. It is youth Pioneer was bo-m or bust in spending money building massive offices, buying a sand mining company, and playing in multiple basins, buying drilling rigs, a frac company, a water company. Finally, SS and Pioneer found the sweet spot to weather the ups and downs and to made it an attractive investment that paid giant dividends. But finding the sweet spot you become an acquisition target. I worked in the Environmental Department and ended my career in the Facilities Department, 20 years. The environmental department was always understaffed and took hits in layoffs in 1999 they went from nine to one. Now it has been built into a functional department with many excellent professionals. I moved to Facilities which for me was a horrible career move, the VP now gone was a Jekyll Hyde that must have had good pictures. The department was staffed with fast trackers, and they all carried knives. It became a horrible swamp to work in, back and forth with PXD security of was the terminated VP had stolen, vendors paying to do service. I left in 2019, and it was time to go for me, I carry the name Ret Earth's Janitor because I cleaned up many spills and political messes for Pioneer in my 20 years. I am working on a BOOK about my career in the oil business, Pioneer will have many pages on g-n flights, kn--e fights, unannounced dr-g tests, s-x, s-x, s-x , trips, the LCO lobby bar and swept under the rug items.
Welcome to the party...pals!
The severance package might seem appealing at first but this is a rough time for this to go down. If in Irving, can’t really jump to a competitor in the same industry because there isn’t one unless you want to move to Houston. Job market is softening so moving to a new industry won’t be as easy as 2 years ago either. I will pray for those impact and hope for better days. SS was no hero. He screwed everyone over at the end of the day.
It was good working with… most of you.
Well, the dreaded emails have come out. Pioneer solidified the lies as has been telling us for months. If you’re not willing to move to Houston you’re out of a job. Ss you did nothing but betray your employees since you came back. This WAS your intention all along. Enjoy your extra 30 million while your so called beloved employees get sc,,,d.
So long. Life as you know it is finished. Sincerely, former XTO employee
There will be a lot of uncertainty at PNR tomorrow! Packages will be given but in the end unless you are retiring it’s a b-m deal!
Bye Felicia!
Well this stinks
LGB. Only you can save us now!
Not true
Dirt cheap. Not even a nice round $60B. ‘Art of the Deal’ tactics.
$250 a share isn’t much of a premium. I hope that’s not the real deal.
https://www.bloomberg.com/news/articles/2023-10-10/exxon-is-said-in-talks-to-pay-more-than-250-a-share-for-pioneer#xj4y7vzkg