Deals

Exxon’s CEO Sees $2 Billion in Pioneer Savings and Few Job Cuts

Savings to come from higher oil recoveries, efficiencies
Job cuts will be ‘fairly minimal,’ CEO Darren Woods says

Error:

Could not download required scripts. Please update your browser or turn off ad blocker to continue to watch.

Why Exxon and Pioneer Agreed to $59.5 Billion Deal

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Kevin Crowley

October 11, 2023 at 1:25 PM UTC

Updated on

October 11, 2023 at 2:08 PM UTC

This article is for subscribers only.

Exxon Mobil Corp. expects to trim annual costs by about $2 billion as it integrates the $60 billion purchase of Pioneer Natural Resources Co., said Chief Executive Officer Darren Woods.

About two-thirds of the savings will come from squeezing more oil out of the US Permian Basin via improved fracking methods and other technological improvements, Woods said during an interview Wednesday. The remainder will come from efficiency measures.

Before it’s here, it’s on the Bloomberg Terminal

LEARN MORE