Exxon Mobil Corporation (XOM) shares are trading lower premarket Tuesday after the company announced layoff notices to 59 employees as part of a workforce restructure following its $60 billion acquisition of Pioneer Natural Resources.
Exxon stated that it offered jobs to over 1,500 of Pioneer’s roughly 2,200 employees as part of the merger, according to Reuters. The layoff notices include 39 workers from Las Colinas, the former headquarters of Pioneer Natural Resources in Irving, Texas. While Exxon did not specify the number of employees who would be laid off versus offered new positions, the company clarified that those receiving layoff notices have either been offered transition roles or opted not to join the company. The notices also include 18 workers from Midland and two from the Concho Valley, both in West Texas.
Despite the workforce adjustments, Exxon reported strong second-quarter results this month. The company’s revenue reached $93.060 billion, exceeding the consensus estimate of $90.987 billion, and its adjusted earnings per share (EPS) came in at $2.14, surpassing the $2.01 estimate.
Investors interested in gaining exposure to Exxon Mobil can consider investing in the Energy Select Sector SPDR Fund (XLE) and the IShares U.S. Energy ETF (IYE).
XOM shares are down 0.35% at $118.58 premarket at the last check Tuesday.
