SandRidge Energy confirmed Wednesday that it reduced its Oklahoma City workforce by 172 workers. The Oklahoma City staff was reduced from 548 to 376. The total SandRidge workforce is 717, down from 1,157 employees at the beginning of 2016. That’s a total of 440 reductions. That includes the Lariat Services layoffs earlier this year and natural attrition.
“Today was difficult. We are grateful for the contributions of our colleagues and friends, and we are dedicated to assisting each affected individual through this transaction. No reduction in workforce is easy, but we will not waver from making the tough decisions necessary for the long-term stability of our business,” said SandRidge Energy President and Chief Executive Officer James Bennett.
SandRidge has been reviewing its options concerning its debt. Media reports indicate there is an interested party watching what the Oklahoma City company does next in an attempt to keep moving forward in a tough energy price environment.
In January SandRidge Energy’s stock lost its place on the New York Stock Exchange because it was delisted for trading “abnormally low.” The stock is currently hovering between two to three cents a share.
