Having slashed spending plans and run out of willing buyers for assets, some U.S...
HOUSTON - Having slashed spending plans and run out of willing buyers for assets, some U.S. shale producers are turning to workforce cuts as investors step up demands for returns.
Irving, Texas-based Pioneer declined to say how many of its about 3,200 employees would be cut. The company has not had a layoff since 1998. Shale firms have pushed U.S. oil output to record levels. But years of heavy spending led to investor pressure to reduce spending and use the cash to provide payouts, rather than produce more oil.
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