SandRidge Energy is cutting 20-percent of its corporate staff in response to low market prices and a reduction in drilling activity.
The company issued a press release Thursday morning, announcing the layoff of approximately 132 corporate positions. The job cuts come in addition to 265 other layoffs that were made earlier in the Permian Basin.
SandRidge Vice President Jeff Wilson issued the following statement regarding the job cuts:
“Market conditions continue to dictate that we take proactive steps to preserve the financial strength of the company,” said SandRidge Energy Chief Executive Officer and President James Bennett. “Aligning the size of our workforce with the realities of a lower commodity price, reducing our capital budget and focusing our ongoing efforts on innovation and efficiency provides us a path forward in this market. We are making great strides in lowering our well costs while maintaining our commitment to safety and sound business practices. As a result, although today is a difficult day, we believe there is ample reason to be optimistic about the future of SandRidge even with sustained lower oil prices.”
“Moments such as these are never easy and are not taken without significant thought given to the contributions that each person has made to help build and grow this company,” said Bennett. “We owe a great deal to those who are leaving and want them to know that we appreciate all they have done. We have given the utmost consideration to providing resources to help transition those whose positions have been affected. We have worked hard to identify and recruit the most talented people and we are sad to see our friends and colleagues go.”