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Pioneer Natural Resources cuts 300 workers

  • Pioneer Natural Resources (NYSE:PXD) says it laid off ~300 employees today, as the oil market continues to suffer from weak demand.
  • The layoffs reportedly were evenly distributed between the company's Irving, Tex., corporate office and its Permian Basin operations.
  • Pioneer reported a Q2 net loss of $439M on a 55% Y/Y revenue drop to $859M.
  • Pioneer Natural "can withstand the downturn better than others" in the sector, Sarfaraz A. Khan wrote in a bullish analysis posted recently on Seeking Alpha.

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