SandRidge Energy

SandRidge Energy / Flickr Creative Commons

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 Energy explores for and produces oil in shallow, conventional, domestic basins primarily in the Mississippian formation in Northwest Oklahoma and West Kansas.
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For the fourth time in a week, an Oklahoma energy company has announced layoffs because of low oil prices.

Team Oil Tools says it will close its manufacturing facility just east of downtown Tulsa in April and let its 95 workers go. The company makes oil and gas drilling equipment.

PostRock Energy Corp. said Thursday it's reducing staff at its headquarters by about 25 percent and will cut expenses to reduce operating costs by nearly $4 million a year.

The oil producing company had 57 employees at the end of 2013. A precise number of layoffs wasn't released.

A rig hand on a Triad Energy horizontal drilling operation near Alva, Okla. Company CEO Mike McDonald says he likely wouldn't have drilled the well with out a tax break Oklahoma's House Speaker has proposed making permanent.
Joe Wertz / StateImpact Oklahoma

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.

A crude oil tank farm in Cushing, Okla.
Joe Wertz / StateImpact Oklahoma

A sharp drop in crude prices tugged down shares in oil and gas companies on Friday, leading the Standard & Poor's 500 index to a slight loss in a short trading session.

The index, a benchmark for many investments, still closed out November with its third-best month this year.

"Crude is the big story today," said JJ Kinahan, TD Ameritrade's chief strategist. "There are very clear winners and losers. The Chevrons and Exxons of the world are getting hammered; then on the other side you have the shipping companies — UPS and FedEx — along with the airlines. For them, it's a beautiful story."

Newsok.com reports:

The damage, reflected in stock prices, was widespread this week among our local energy firms. SandRidge Energy shares fell 30 percent; Continental Resources was off 28 percent; Chesapeake dropped 16 percent; and Devon slid 12 percent.

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SandRidge Energy is selling all of its holdings in the Gulf of Mexico.

The Oklahoma City-based oil and natural gas company announced early Tuesday morning Fieldwood Energy will pay $750 million in cash and assume $370 million in abandonment liabilities for its Gulf and coastal properties.

SandRidge Energy explores for and produces oil in shallow, conventional, domestic basins primarily in the Mississippian formation in Northwest Oklahoma and West Kansas.
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A top executive for SandRidge Energy says the company plans to spend $350 million next year to drill another 100 horizontal wells and build associated infrastructure in the Mississippian Lime formation in Kansas

David Lawler, executive vice president and chief operating officer for the Oklahoma-based firm, says that plan should make people understand the company's interest in the Kansas formation.

snu.edu

The former CEO of SandRidge Energy Inc. and co-founder of Chesapeake Energy Corp. has started a new Oklahoma City energy company.

The Oklahoman reports that Tom Ward's new company, Tapstone Energy LLC, has leased space in an office building downtown. Ward says the company has "a handful of employees" and is looking for more employees and oil and gas properties.

Ward says he is funding the new company himself for now, but that he might consider bringing on other investors.

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Oklahoma City-based SandRidge Energy fired its founder, chairman, and CEO Wednesday. The board voted to replace Tom Ward with Chief Financial Officer James Bennett.

Ward founded the company in 2006 after leaving Chesapeake Energy - another Oklahoma City energy giant he helped start.