© 2024 KGOU
News and Music for Oklahoma
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Helmerich & Payne To Lay Off 2,000 Employees

Crews at work on a Helmerich & Payne drilling rig in western Oklahoma.
Joe Wertz
/
StateImpact Oklahoma

Oil drilling rig maker and operator Helmerich & Payne Inc. has announced plans to lay off 2,000 employees.

The Tulsa World reports that in a conference call with analysts Thursday, CEO John Lindsay said that the layoffs are due to the decrease in crude oil prices which has led to reduced rig use.

The company's cuts equal about 17 percent of its total workforce, which includes 500 employees in the Tulsa area. The company did not say how many Tulsa-based employees would be impacted, but did say that most of the jobs affected would be in the oil fields.

The decision comes soon after Helmerich & Payne's earnings report revealed a net income of $203 million for the three months ending Dec.31.

-----

KGOU produces journalism in the public interest, essential to an informed electorate. Help support informative, in-depth journalism with a donation online, or contact our Membership department.

The Associated Press is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, it's a not-for-profit news cooperative owned by its American newspaper and broadcast members.
More News
Support nonprofit, public service journalism you trust. Give now.