Newfield Exploration Company, an independent exploration and production company, will relocate a majority of its Tulsa office to its headquarters just north of Houston in The Woodlands.
The Tulsa office currently has about 200 employees, 150 of which will be offered relocation packages. The remainder of the employees will be laid off. The relocations are expected to be completed by early August.
Newfield’s corporate communications manager Cindy Hassler told Rigzone this is a strategic move by the company and by centralizing everyone in one location, it would help drive economic performance in Oklahoma.
Oklahoma’s Anadarko Basin is the company’s largest and foundational resource. Newfield announced May 5 a $470 million acquisition in the STACK play of the Anadarko Basin, which should be completed in the next few months, said Hassler.
“We wanted to prepare for increased, long-term activity in the basin. We are spending the lion’s share of our capital budget in Oklahoma – approximately 80 percent – so leadership felt that the consolidation was the right thing to do for the long-term financial and operational health of the company,” Hassler said.
Newfield conducted a similar relocation process about a year ago, said Hassler, when the company consolidated its Denver office to The Woodlands. Fifty percent of employees were relocated. This helped the company streamline the organization and realize the benefits of teamwork, collaboration, idea sharing and some cost reductions.
“Obviously in these challenging times, margins and cash flow are critical to future success.”
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