SandRidge Energy lays off 132 positions due to low “commodity” prices
OKLAHOMA CITY – A well-known oil company in Oklahoma City confirmed that it laid off more than 100 employees as a result of lower commodity prices.
SandRidge Energy officials announced that 132 positions, which is approximately 20 percent of the corporate workforce, were affected.
“Market conditions continue to dictate that we take proactive steps to preserve the financial strength of the company,” said SandRidge Energy CEO James Bennet. “Moments such as these are never easy and are not taken without significant thought given to the contributions that each person has made to help build and grow this company. We owe a great deal to those who are leaving and want them to know that we appreciate all they have done. We have given the utmost consideration to providing resources to help transition those whose positions have been affected. We have worked hard to identify and recruit the most talented people and we are sad to see our friends and colleagues go.”
On Thursday morning, SandRidge’s stock opened at $1.80 a share.
However, the company announced on Wednesday that it will pay $3.50 per share semi-annual dividend on its shares of Convertible Perpetual Preferred Stock.
Earlier this year, the company laid off 265 positions in the Permian Basin.