12:56 PM EST, 03/06/2024 (MT Newswires) -- Exxon Mobil ( XOM ) is planning to lay off about 15% of Denbury's workforce, Bloomberg News reported Wednesday, citing the Texas Workforce Commission.

The news comes four months after the company acquired Denbury in an all-stock deal valued at $4.9 billion.

Denbury employed about 800 people as of Q3, Bloomberg said.

The oil giant gave notice of 111 job cuts at a Denbury unit in Plano, Texas. The layoffs will be effective April 30, the Commission was quoted as saying.

Exxon Mobil ( XOM ) and the Texas Workforce Commission could not be reached for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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