Sheridan Production, Extraction Oil and Gas Reveal Layoffs
Houston-based Sheridan Production Co. will lay off 116 employees effective March 31, 2020, according to a notice sent to the Oklahoma Office of Workforce Development. No further information surrounding the layoffs was provided in the notice.
Sheridan was established in 2006 by industry veteran Lisa Stewart, who partnered with the private equity investment firm Warburg Pincus to implement the Sheridan investment strategy. During her oil and gas career Stewart held several leadership roles at El Paso and prior to that she spent 20 years at Apache Corp. According to the company’s website, Sheridan Production manages assets with aggregate production of over 30,000 Boe per day across Texas, New Mexico, Oklahoma and Wyoming.
On Sept. 15, 2019, Sheridan Holding Company II, LLC and eight affiliated debtors filed for Chapter 11 bankruptcy. The plan of reorganization was approved and became effective on Jan. 17, 2020.
Separately, Denver’s Extraction Oil & Gas Inc. reported plans to lay off 20 percent of its workforce, which equates to approximately 60 workers from its headquarters and field operations in the D-J Basin, according to the Denver Business Journal.
“We reorganized our workforce into a more streamlined structure that better matches our operational footprint here in Colorado,” Brian Cain, company spokesman told the Denver Business Journal. “Unfortunately, this resulted in difficult but necessary organizational changes … This was a difficult decision and one we did not take lightly.”
Extraction Oil & Gas Inc. is an independent energy exploration and development company focused on exploring, developing and producing oil, gas and NGLs primarily in the Wattenberg Field in the D-J Basin of Colorado.
These companies’ layoffs are the latest in a string over the past year for the oil and gas industry. A few of the latest announcements include:
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