The resignation of Jay P. Still as president and chief operating officer of Tulsa-based Laredo Petroleum will be effective Jan. 28. The company announced his resignation this week, just as the firm also laid off about 75 employees and said it would be closing its offices in Dallas, Texas.
Still had been president for the past two and a half years. His duties will be assumed by Randy Foutch, Laredo’s CEO and chairman.
“I would like to thank Jay for his efforts and wish him well in his future endeavors,” said Foutch. “I look forward to continuing to direct Laredo’s operational activities to execute the development plan for our Permian-Garden City asset.”
Laredo announced last month that its 2015 capital budget had been cut nearly in half. In announcing the layoffs this week, a spokesman called the cutting of the workforce “necessary” and explained some of the Dallas workers will be transferred to either the Tulsa headquarters or those in Midland, Texas.