Following a reduction in force of 78 employees earlier in March of this year, Tulsa-based D&L Oil Tools announced on Tuesday that it is eliminating 53 additional positions effective immediately, resulting in another decrease of almost 20 percent of its remaining workforce, according to the Tulsa World.
“This has been an unbelievably tough year for us and all in the oil & gas industry,” said Lee Eslicker, President and Chief Executive Officer. “We are a very close-knit company and days like today are far more than a difficult business decision, they really strike a personal cord.”
The company attributes the layoffs to the worsening economic downturn in the energy sector and the company’s bottom line, according to a D&L statement.
In 2014, D&L expanded its manufacturing facility by 62,000 square feet.
D&L also doubled its workforce during the past five years, taking advantage of the Oklahoma Quality Jobs Program tax incentive in 2015 which allowed the company to receive up to $2.5 million in benefits by adding 100 new jobs to the company payroll. In an article published in the Tulsa World on January 31, 2015, Eslicker stated, ““This is our third contract with Quality Jobs; we maxed the other two out.”
According to its website, D&L Oil Tools designs, manufactures and assembles downhole equipment for customers in both domestic and international markets.