OKLAHOMA CITY - Chaparral Energy announced Tuesday morning that it has completed a 121-position workforce reduction at its Oklahoma City corporate headquarters in response to a weakened oil and gas market.

“We are taking proactive measures to ensure the financial strength of our company given the current market,” said Chaparral Chief Executive Officer Mark Fischer. “While we expect the market to rebound to a more economically favorable level, we cannot predict when that will occur. That being the case, we are taking a conservative approach to decrease our capital, operating and administrative costs. Unfortunately, this included making the difficult decision to reduce our workforce.”

Chaparral officials said the company is committed to assisting affected employees transition to their next opportunity by providing outplacement services as part of employee severance packages.

“We know our success is a direct result of the hard work and dedication of our employees,” said Fischer. “The decision to reduce our workforce was not an easy one, nor one we made lightly. We have many talented and high-quality people who are part of our reduction and we are committed to aiding them as much as possible during their transition.”