Due to the low oil and gas prices, SandRidge Energy is closing a substantial portion of its wholly-owned oil field services subsidiary, Lariat Services. The move will push 226 employees out of the door. That’s about 87 percent of the current 260 members of the Lariat Services staff. The cuts don’t involve any SandRidge personnel.
“The decision to close a significant portion of Lariat Services was a difficult, but necessary one, driven by the unprecedented environment currently facing our entire industry. While the performance of the Lariat employees in the face of extremely difficult circumstances has been exceptional, significantly lower drilling budgets and associated well counts across the sector have created an unsustainable market for Lariat’s operations,” said SandRidge Energy Director of Communications David A. Kimmel.
While the majority of the Lariat Services subsidiary will be shut, the Lariat Rentals group, Flare organization and Electrical unit will remain in operation.
SandRidge Energy has made recent business headlines after its stock was delisted from the New York Stock Exchange and it decided to come back to the table with the Oklahoma Corporation Commission over saltwater disposal wells.
