SandRidge Lays Off 30% of Oklahoma City Staff
SandRidge Energy Inc. is laying off 30 percent of its workforce (80 employees) at its Oklahoma City headquarters, according to local news outlets.
The cuts bring the company’s Oklahoma City workforce to 189, down from 269, and leaves less than 400 employees at the company overall.
The employees were laid off Feb. 26, after SandRidge’s recent announcement of a new strategy and plan to cut costs. The company is in the process of a company restructuring after emerging from bankruptcy in 2016.
The organizational restructuring is expected to reduce general and administrative (G&A) cash expenses by one-third to $36-$39 million per year.
Earlier this month, SandRidge shook up its leadership as president and CEO James Bennett left the company as well as the company’s chief financial officer Julian Bott. Bill Griffin currently serves as interim president and CEO of the company.
SandRidge isn’t the only energy company to cut jobs in Oklahoma City. Natural gas producer Chesapeake Energy laid off more than 300 Oklahoma City workers in January.
SandRidge did not return Rigzone’s requests for comment.
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.
- SandRidge Energy Names New CEO (Jan 29)
- SandRidge Sells Permian Assets; Buys Mid-Con Assets (Nov 05)
- SandRidge Energy Rejects Takeover Bids, Saying They Undervalue Company (Sep 10)