Pioneer Natural Resources lays off 300 in Irving and the Permian Basin

Local News

IRVING, Texas (Nexstar) – Pioneer Natural Resources will be laying off 300 employees between the company’s Irving corporate office and the Permian Basin due to the COVID-19 pandemic, according to The Dallas Morning News.

Spokesman Tadd Owens told The Dallas Morning News that laid-off workers will receive severance packages that include 1 and a half times their base annual salary, $24,000 in a medical/health care stipend and pro-rata vesting of existing stock awards.

The layoffs were evenly split between the corporate office and here in the Permian Basin.

WTI Crude closed at just under $40 on Tuesday.

Pioneer reported a second-quarter net loss of $439 million for the three month period ended June 30 and free cash flow of $165 million.

This story was first reported by The Dallas Morning News. You can read the original article here.

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