SandRidge Energy Announces Layoffs Of 80 Employees

Monday, February 26th 2018, 4:19 pm
By: News 9

SandRidge Energy OKC is cutting about 30-percent of its workforce.

According to an official speaking on behalf of the company, the staff was cut from 269 to 189 Monday. Their total workforce stands at 392 people company-wide.

The official released the following statement:

"As part of the company’s previously announced commitment to reduce go-forward costs, it was necessary to restructure the organization to best align with the revised strategic plan.  Workforce reductions are extremely difficult.  At SandRidge we are committed to the honor and dignity of our employees and want to acknowledge the significant contributions of those departing."

Last week, CFO Mike Johnson said this of the expected layoffs last week:

“As we look ahead to 2018, and as further reflected in the February 8 letter to shareholders from our Board, we are in the process of implementing very difficult changes in our organizational structure to efficiently execute our strategic objectives.

These changes will impact many hard-working dedicated and loyal employees that have served our company over the years, and these decisions will not be taken lightly. These changes are expected to reduce our ongoing G&A cash and non-cash expenses and to specifically reduce our ongoing G&A cash expenses by approximately one-third to a range of $36 million to $39 million per year. The cost reductions will be in the form of both payroll and non-payroll related expenses and will be achieved throughout 2018.”

The company filed for Chapter 11 bankruptcy protection back in early 2016, around the same time as the last round of layoffs.

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