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More oil industry layoffs in Oklahoma

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Oil rig

OKLAHOMA CITY — Chaparral Energy – an independent oil and natural gas exploration and production company, and the third-largest oil producer in Oklahoma – cut 121 positions from their company Tuesday.

“We are taking proactive measures to ensure the financial strength of our company given the current market,” Chaparral Chief Executive Officer Mark Fischer said in a statement.

“While we expect the market to rebound to a more economically favorable level, we cannot predict when that will occur. That being the case, we are taking a conservative approach to decrease our capital, operating and administrative costs. Unfortunately, this included making the difficult decision to reduce our workforce.”

The company says they will help affected employees in their transition to find a new job by “providing outplacement services as part of employee severance packages. ”

“We know our success is a direct result of the hard work and dedication of our employees,” Fischer said. “The decision to reduce our workforce was not an easy one, nor one we made lightly. We have many talented and high-quality people who are part of our reduction and we are committed to aiding them as much as possible during their transition.”

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