Ponca City Drill Bit Plant To Close

Houston-based Oilfield services company Schlumberger reports it will close its drill bit plant in Ponca City. 

Schlumberger will shut down operations at its Smith Bits Production Unit and move business to its Houston Rankin Campus. 

In a statement, a Schlumberger spokesman told News 9 changing dynamics of the oil and gas industry have caused the company to change its business strategy.

"This will enable Schlumberger to focus and deploy our drilling bits businesses more efficiently," the statement reads. "We will continue to review and update our business strategy and match our resources with demand."

The company announced 11,000 layoffs and closed a plant in Broken Arrow in April 2015. 

The company would not comment on how many employees in Ponca City will be impacted or provide an exact date for the plant's closure.