MENU
component-ddb-728x90-v1-01-desktop

SandRidge Energy cuts workforce by more than 30%

SandRidge Energy laid off 172 employees Wednesday in Oklahoma City. (KOKH)

Layoffs have continued at SandRidge Energy for the second day.


The company is laying off 172 people in Oklahoma City and has laid off 440 company-wide since Jan. 1. In total, SandRidge Energy has dropped from 1,157 to 717 employees, the company said.


A University of Central Oklahoma economics professor told Fox 25 he's not surprised.

"They weren't taking state regulations seriously with the fracking issue in Edmond," assistant professor Travis Roach said. "So, I hate to say it, but it doesn't surprise me."

The company has suffered financially and was delisted from the New York Stock Exchange for "abnormally low" stock prices.

At the time, Sandridge said the oil and gas industry was the cause for the problems.

"Today was difficult. We are grateful for the contributions of our colleagues and friends, and we are dedicated to assisting each affected individual through this transition. No reduction in workforce is easy, but we will not waver from making the tough decisions necessary for the long-term stability of our business," said president James Bennett in an e-mailed statement.

Related: New York Stock Exchange to delist SandRidge E

SandRidge has cut its workforce by 440 since January 1. This all comes after it laid off more than 130 people last April.

Chesapeake Energy laid off almost 600 Oklahoma City jobs in September and Devon Energy has announced it's planning layoffs during the first quarter of 2016.

Gas may be around $1.30, but the price of oil is sitting below $30 per barrel.

"It's had a much bigger impact than I think we expected," Roach said. "And I think the pain is still yet to come."


Roach referenced future impacts to the state's budget, the local housing market, and downtown businesses used to the energy sector customer base.

close video ad
Unmutetoggle ad audio on off

Trending