Thread regarding XTO Energy Inc. layoffs

More bad news, ahem.... Oh, XTO...

See it here

It's behind the paywall - so you can see only a paragraph

I've pasted the whole thing below

After asset sale to Hilcorp, XTO Energy files notice for layoffs in New Mexico

By Ron Davis – Reporter, Albuquerque Business First

Feb 20, 2018, 1:39pm CST

XTO Energy Inc., an Exxon Mobil (NYSE: XOM) subsidiary, informed New Mexico that it could be laying off up to 232 people.

The potential layoffs stem from a deal announced in December when XTO Energy sold some San Juan assets to Houston-based Hilcorp San Juan LP, which is affiliated with Hilcorp Energy Co., also based in Houston.

On Jan. 24, XTO Energy filed a Worker Adjustment and Retraining Notification 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 did not immediately respond to request for comment.

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

Though it filed with the state that up to 232 employees would be affected, some workers 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 employees 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 the Business Journal. "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.

XTO is in the process of relocating its headquarters from Forth Worth to Exxon's campus in Springwoods Village in the Houston area.

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This is from 2018, hasn’t this already happened?

Post ID: @eWtab+RPMKO8x


Hilcorp’s midstream company, Harvest Pipeline Co., reached an agreement with Vitol Inc. in December to consider jointly developing a crude oil terminal in the Port of Corpus Christi. Also in December, Hilcorp bought 300,000 net acres in the San Juan Basin from XTO Energy, which could result in more than 200 layoffs in New Mexico.

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