Houston’s Marathon Oil Corporation confirmed it has laid off nearly 100 workers including some in Oklahoma’s STACK and SCOOP plays where the firm is active.
The layoffs represent about 5% of the company’s total workforce. They also followed action by the company’s board cut salaries of its executives and board members.
A spokeswoman said the layoffs were part of Marathon’s “commitment to continuously optimize our cost structure.”
At the end of 2019, Marathon had nearly 2,000 full-time workers across the globe and 74% of them worked in the U.S.
The company will release its fourth-quarter financial results on Wednesday.