SandRidge Energy Inc. confirmed Wednesday morning it laid off 172 people at its Oklahoma City headquarters this week. CEO James Bennet said in a press release that the company would not waver from making tough decisions to protect the long-term stability of the business.
SandRidge was de-listed from the New York Stock Exchange earlier this year because its share price had been below $1 for too long. Late last month, the company borrowed $488 million and hired new legal and financial advisers to manage its debt, leading some to speculate it was preparing for a bankruptcy filing.
The Journal Record’s SarahTerry-Cobo confirmed the most recent layoffs with SandRidge spokesman David Kimmel via email:
The company laid off 132 employees in April, about 20 percent of its workforce at the time. SandRidge slashed drilling in the previous year by 56 percent, driven in part by low commodity prices. The company’s total workforce has dropped to 717 employees, down from 1,157, including attrition and previous layoffs, Kimmel wrote.
Like other energy companies in the state, SandRidge has been wounded by low oil and natural gas prices. After peaking at more than $110 a barrel in Sept. 2014, they have been trading in the low $30s lately.
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