The latest energy sector layoffs in Oklahoma occurred this week at Helmerich and Payne operations in Tulsa where 40 workers were let go out of the Tulsa workforce of about 500. Worldwide, Helmerich and Payne had more than 6,700 employees.
A company announcement said the 40 layoffs represented about 8 percent of the Tulsa workforce. It was a year ago when 2,000 workers were laid off by Helmerich and Payne.
Just a week ago, the company announced net income of $16 million from operating revenues of $488 million for the first-quarter earnings ending Dec. 31, 2015. That’s a 92 percent plunge from a year ago when the net earnings totaled nearly $204 million.
Still, CEO John Lindsay called the results better than expected because of reduced daily rig expenses.
“Unfortunately as very low oil and gas prices force our customers to further reduce their drilling budgets, the U.S. land industry rig count has now dclined to levels not seen since 1999,” said Lindsay.
He said the market probably won’t improve in the second quarter but the company will continue to work on cost-effective measures “while strengthening our ability to add value for our customers through innovation and productivity enhancements.”
