Thread regarding XTO Energy Inc. layoffs

Potential Cuts...

XTO Energy warns state that deal could result in layoffs

(Source blow)..

The potential layoffs stem from a deal in December when XTO Energy Inc. sold its San Juan assets to Houston-based Hilcorp San Juan LP. On Jan. 24, XTO Energy filed a WARN notice with the New Mexico Department of Workforce Solutions, notifying the state of 232 layoffs within the company. XTO said the sale included approximately 300,000 net acres, which totaled about 1,770 XTO-operated wells and interest in 690 wells operated by others. Hilcorp was not immediately available for comment Friday.

Under the federal WARN Act, or the Worker Adjustment and Retraining Notification Act, employers are required to provide notice 60 days in advance of covered plant closings and covered mass layoffs.

Though it filed with the state that up to 232 employees would be affected, some will stay onboard with XTO and be reshuffled to elsewhere in the company, while others will stay within the San Juan Basin but be employed by Hilcorp. But XTO didn't guarantee that all 232 will have jobs by the March 29 layoff date listed on the WARN notice.

"We will work as diligently as possible to place as many impacted employees with Hilcorp San Juan or at other XTO Energy locations. We do anticipate that there will be layoffs," Rebecca Arnold, XTO's corporate media relations adviser, wrote in a statement to Business First. "There are approximately 232 employees working at the San Juan Basin who are anticipated to be impacted, but this does not mean that all of those employees will be affected by layoffs."

Jerrod Jones, XTO's public and government affairs manager, said both companies are in the process of evaluating the best fit for their vacancies, but reiterated that XTO can't guarantee employment for all 232 in the San Juan Basin. Jones is unaware how many layoffs could ultimately result from the deal.

Source: https://www.bizjournals.com/albuquerque/news/2018/02/16/energy-co-warns-state-that-deal-could-result-in.html

By Ron Davis – Reporter, Albuquerque Business First

Feb 16, 2018, 3:53pm MST Updated Feb 16, 2018, 4:12pm MST

An ExxonMobil subsidiary informed the state that it could be laying off up to 232 people.

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