Dallas, Texas, May 4, 2015 — Pioneer Natural Resources Company
Pioneer Natural Resources Company announced today it will close the Company’s Denver office as well as make workforce reductions at its Trinidad field office, as a result of continued weakness in natural gas prices and the recent collapse of crude oil and natural gas liquids prices.
The Company’s assets in the Raton Basin of Colorado and in the West Panhandle field of Texas will now be managed from Pioneer’s headquarters in Dallas, Texas. The decision to close the Denver office and to consolidate the Colorado workforce was made to preserve the value of these assets and to allow for their continued development within the constraints of the current commodity pricing environment.
Of the 70 employees in the Denver office, approximately one-third will be offered relocation opportunities to Dallas. Pioneer will offer the remaining employees severance packages and access to outplacement services. In Trinidad, the total number of employees will be reduced by 100, which is nearly half of the existing workforce. Similarly, the Company will offer severance packages and access to outplacement services to those Trinidad employees leaving Pioneer.
“Decisions to right-size our workforce are never easy, as we know they impact good people and the communities in which they live. These employees have worked hard for Pioneer, and we place a great deal of value on their efforts. These decisions are an unfortunate reality of the price environment that we face today,” said Tim Dove, President and Chief Operating Officer.
