Oklahoma City’s SandRidge Energy is trimming its workforce even more as it filed notice with the state to lay off another 7 workers this week, this after announcing the layoff of 26 workers last week. It easily raises the question—what’s left at the company?
Company leaders admit they’re at a loss as to what the future might hold for the company.
“The COVID-19 pandemic has adversely affected our business, and the ultimate effect on our operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted,” they stated in a new SEC filing.
“Further, our business plan, including our financing and liquidity plan, includes, among other things, planned divestitures. If general economic conditions or conditions in the energy industry continue to deteriorate or remain uncertain for an extended period of time, we may not be able to complete these transactions on favorable terms, in a timely manner or at all.”
The notification of the latest layoffs was made Monday with the Oklahoma Office of Workforce Development.
“SandRidge Energy has issued an additional WARN for 7 more of its employees. 4 will be laid off on June 15. 3 will be laid off on July 1,” according to Bill Hancock, the Business Services & Rapid Response Coordinator.
The layoffs at SandRidge have been trickling down in the past year beginning with the June 2019 announcement of plans to cut 10% of its workforce of 310 employees.
Layoffs hit Oklahoma City’s SandRidge Energy this week. The company did not reveal the number of employees who were laid off, but in a filing with the Securities and Exchange Commission explained the layoffs totaled more than 10% of its workforce of 310 employees. The layoffs came after SandRidge reported a $5 million loss in the first quarter of 2019 on top of the $9 million lost in all of 2018.
But things only got worse for the company as in February 2020, it announced it would eliminate 63 jobs of the 120 at the company headquarters in downtown Oklahoma City. Their last day on the job was April 3. Then last week, SandRidge announced the layoff of 26 more workers including two vice presidents.
In a form 8-K filing Monday with the Securities and Exchange Commission, the company identified the vice presidents as Michael A. Johnson who was Senior Vice President and Chief Financial Officer and John P. Suter, Executive Vice President and Chief Operating Officer.
“Messrs. Johnson and Suter will be eligible to receive severance consistent with their respective employment agreements, including severance payments and, if applicable, continuation of health and welfare benefits,” stated the filing.
” If crude oil prices continue to decline or remain at current levels for a prolonged period, our operations, financial condition, cash flows, level of expenditures and the quantity of estimated
proved reserves that may be attributed to our properties may be materially and adversely affected,” stated SandRidge President Carl F. Giesler Jr. in the filing.
Source: Office of Workforce Development/SEC
