The latest example of how times are getting tougher in the oil and gas industry occurred in recent days in Oklahoma City where Chaparral Energy sold its headquarters.
That’s right, sold its headquarters built in 2003. No sales amount was disclosed and the oil and gas company, regarded as one of the city’s largest, did not disclose the sale on its website.
But reports indicated Skybridge Real Estate acquired the offices located at 701 Cedar Lake Boulevard in northeast Oklahoma City.
Skybridge Real Estate has offices in Oklahoma City but its corporate headquarters are located in Milford, Massachusetts.
Even as Chaparral Energy discussed the possible sale last month, CEO Earl Reynolds talked of the slowdown in the oil and gas industry.
“You’re going to see activity drop across the industry,” Earl Reynolds, CEO of Chaparral Energy, told Reuters at the EnerCom oil and gas conference last month.
Reuters indicated the Oklahoma energy firm had slashed its workforce by nearly a quarter, trimmed its spending plan by 5%, and agreed to sell its headquarters and use some of the proceeds to reduce debt.
Chaparral Energy has yet to comment publicly about the sale nor explain where it will relocate its headquarters. Neither Chaparral Energy nor Skybridge Real Estate responded to email inquiries from OK Energy Today.