SandRidge lays off employees after sale
SandRidge Energy Inc. laid off a small percentage of its work force during a reorganization spurred by its pending sale of holdings in the Permian Basin in west Texas.
SandRidge Energy Inc. has pared a small percentage of its workforce as it sheds a big piece of its asset base.
SandRidge announced last month it had struck a $2.6 billion deal to sell the bulk of its holdings in west Texas' oil-rich Permian Basin, spurring the need to shuffle its workforce.
“As expected with the divestiture of any major asset, we have reorganized and eliminated positions no longer required,” spokesman Greg Dewey said. “In reorganizing, we have moved a large portion of our Permian team into positions that will allow us to maximize our development of the Mississippi Lime play.”
The company, which listed about 2,400 employees in last year's annual report, will lay off a “small percentage” of its workforce, officials confirmed Wednesday. However, officials declined to offer further details on its reorganization.
SandRidge intends to focus its exploration and development efforts to the emerging Mississippi Lime play in northern Oklahoma and southern Kansas after inking a deal to sell more than 200,000 acres in the Permian.
The company will retain its Permian holdings linked to the SandRidge Permian Trust, which it formed in 2011.
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