Exxon CEO Sees $2 Billion in Pioneer Savings, Few Job Cuts (1)

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.

Job cuts will be “fairly minimal,” he said just hours after announcing Exxon’s biggest acquisition in more than two decades. “We’re really focused on making we are sure leveraging the ...