SandRidge Energy Places Some Staff on WARN Leave

SandRidge Energy Places Some Staff on WARN Leave
Affected employees will remain on WARN Leave through June 14.

SandRidge Energy Inc. has notified 26 employees that they have been placed on WARN leave through June 14, 2020, according to a notice sent to the Oklahoma Office of Workforce Development. The site of employment is located at 123 Robert S. Kerr Ave., Oklahoma City, Oklahoma 73102.

Employees were given notice on April 16, and the layoff is expected to be permanent.

“The notices inform affected employees that their obligation to perform duties continue through the WARN Notice period, unless otherwise notified by the company that further services are no longer needed,” the WARN letter stated.

Unless an employee decides to voluntarily end his/her employment sooner, each affected employee will remain on WARN Leave through June 14, and SandRidge will provide current pay and benefits through that date.

No further information surrounding the layoffs was provided in the notice.

On its latest earnings call the company foreshadowed salary and additional personnel reductions would be part of its efforts to claw back additional 2020 savings. Last week, the company again reiterated plans to right-size the business to weather volatile market conditions, and it named Carl F. Giesler Jr. as its President and Chief Executive Officer to spearhead that effort.

"Given the ongoing headwinds in the oil and gas environment, we're committed to protecting our strong balance sheet and liquidity, and to maximizing the value of the enterprise for our shareholders,” Jonathan Frates, Chairman of the board, said in a written statement. “Key to both of those objectives is the further right-sizing of our cost structure, rationalizing our capital program and improving our capital efficiency. We believe that Carl, with his proven cost and operational turnaround experience at public oil and gas companies, is the right person to lead these initiatives."

To contact the author, email bertie.taylor@rigzone.com.



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