SandRidge Energy Inc., an oil and natural gas exploration and production company based in Oklahoma City, announced Jan. 13 the closing of a large portion of its oilfield services subsidiary Lariat Services. This will result in the layoffs of 226 employees, or about 87 percent of the 260 employees in its Northwest Oklahoma office.
In an emailed statement to Rigzone, SandRidge spokesperson David Kimmel said “the decision to close a significant portion of Lariat Services was a difficult, but necessary one, driven by the unprecedented environment currently facing our entire industry.”
Kimmel also cited “significantly lower drilling budgets and associated well counts across the sector” for creating “an unsustainable market for Lariat’s operations.”
Oilfield services companies have been hit particularly hard since the beginning of the oil and gas industry downturn and 2015 saw more than 250,000 oil and gas jobs lost globally.
The Lariat Services layoffs do not include any SandRidge personnel.
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