Sources familiar with the matter said that two US shale oil producers Pioneer Natural Resource Co. and Parsley Energy Inc. are planning to cut jobs in the nearest future following their significant losses in the second quarter of 2020.
One source informed that Parsley is laying off around 10% of its 496 manpower after posting a second-quarter loss of USD356 million and suspended production guidance. Its spokesperson declined request to confirm the number of unemployment.
Pioneer Natural have said that the layoffs are part of a restructuring that will conclude in the next quarter of the year. In June, it had already laid off roughly 50 employees in its well services business out of its 2,300 total employees.
The company’s second quarter loss was USD439 million due to the crash in energy prices and derivative losses.
According to Rystad Energy, more than 100,000 jobs in the US energy industry had been cut off in the first six months on the back of the plunging oil demand and prices due to the coronavirus pandemic.
