Laredo Petroleum Cuts Staff by 20 Percent

U.S. independent Laredo Petroleum, Inc. whose business focuses primarily in the Permian, is cutting company costs by reducing general and administrative (G&A) expenses and reducing employee costs by 25 percent, the company announced Monday.
Tulsa, Oklahoma-based Laredo’s CEO Randy Foutch revealed this was achieved partly by reducing total employee headcount by 20 percent.
Laredo “has delivered on its commitment to align general and administrative expenses and capitalized employee costs with our current operational activity,” Foutch said in a company statement. “We have reduced our total employee count by approximately 20 percent, including a greater than 40 percent reduction at the vice president and above level, resulting in annualized savings of approximately $30 million. While these actions are always difficult, they are necessary as we focus on increasing corporate-level returns and growing within cash flow from operations.”
In a separate announcement, the company announced the promotion of Michael Beyer to senior vice president and chief financial officer, effective immediately.
Foutch called Beyer’s promotion “the latest action in the company’s senior leadership succession planning process.”
Since fourth quarter of 2018, Laredo has named a new chief operating officer, chief financial officer and general counsel.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Shell CEO Says World 'Desperately In Need' Of Natural Gas
- Fate Of $8Bn Alaska Oil Project To Be Resolved In Next 30 Days
- Gov't Tampering Puts Australian Gas Market In Unenviable Position
- Texas Power Outages Increase As Ice Storm Persists
- Oil And Gas Firms Need To Accelerate Shift To Low Carbon Energy
- Shell's Record Earnings Draw Angry Reactions
- Lukoil Hits 50 Million Tons Of Hydrocarbon Production In Caspian Sea
- TotalEnergies, Air Liquide To Make Heavy-Duty Hydrogen Stations
- Capricorn Reshapes Its Board of Directors
- NSTA's Energy Pathfinder Proving Its Worth
- What Bad Habits Should Oil and Gas Jobseekers Avoid?
- New SPR Bill Passes House
- Biden To Support ConocoPhillips Alaska Oil Project, Defying Greens
- USA Drops 3 Gulf of Mexico Rigs
- USA Oil and Gas Employs Almost 1 Million in 2022
- Shell Makes Host of Company Changes
- Energy Services Sector Will Grow To $1 trillion In 2025
- Libya Sees More Deals After Eni's $8B Gas Investment
- New Discoveries Make 2022 Highest Value Year In Over A Decade
- $1 Trillion Green Investment Matches Fossil Fuels For First Time
- Valaris Employee Reported Missing from Rig
- Louisiana, Texas To Gain Thousands of Energy Jobs At Start of 2023
- Gasoline and Diesel Prices Expected to Fall
- Is the USA Shale Boom Over?
- Higher Oil Prices Have Not Led to More Exploration
- Shell Finds Gas In Pensacola High-Impact Well Off UK
- Iran Oil Gushes Into Global Market
- Will Oil Hit $100 Per Barrel in 2023?
- Eni, Chevron Make Significant Gas Discovery Off Egypt
- What Bad Habits Should Oil and Gas Jobseekers Avoid?