Exxon Is Cutting Almost 15% of Denbury Jobs 4 Months Post Merger

Exxon Mobil Corp. plans to dismiss roughly 15% of Denbury Inc.’s workforce just four months after buying the oil producer and carbon-dioxide pipeline operator.

Exxon recently gave notice of 111 job cuts at a Denbury site in Plano, Texas, the state’s workforce commission said Wednesday. Denbury was headquartered in the Dallas suburb and employed about 800 people as of the third quarter, according to data compiled by Bloomberg.

Exxon bought Denbury for about $5 billion last year to gain access to the largest carbon-dioxide pipeline network in the US. The system is key to Exxon’s carbon-capture strategy, which involves ...