SandRidge Energy said Thursday it plans to lay off 132 employees from its Oklahoma City headquarters.
According to a statement issued by company CEO James Bennett, declining oil and natural gas price have forced the company to adjust its workforce to align with "the realities of a lower commodity price."
The layoffs would cut headquarter staffing by about 20 percent. SandRidge currently employs 661 in Oklahoma City.
SandRidge last month cut its 2015 drilling budget to $700 million, down nearly 56 percent compared to 2014. Officials also said they plan to reduce its oil rig count to seven, down from 32 in January.
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