Oklahoma City-based Chaparral Energy is the second energy company in the city to announce layoffs this week.
Chaparral announced Tuesday that it is laying off 121 employees at its Oklahoma City headquarters. Chaparral CEO and Chairman Mark Fischer said low oil prices is a reason for the layoffs.
Fischer said he expects oil prices to rise, but can't predict when that will happen so the company is reducing its capital, operating and administrative costs.
Chaparral's announcement came a day after Oklahoma City-based SandRidge Energy Corp. said it plans to close the Odessa, Texas, office of its subsidiary Lariat Services Inc. and eliminate all 265 positions there.
SandRidge Vice President Jeff Wilson also said low crude oil prices had "a big effect on the decision" to close the office.
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