SandRidge Energy Inc. plans to lay off 226 people at its Lariat Services Group subsidiary in northwestern Oklahoma, according to the Associated Press. The cuts represent 87% of Lariat Services’ 260 workers in the Alva and Cherokee area.
SandRidge released a statement, stating, “The decision to close a significant portion of Lariat Services was a difficult, but necessary one, driven by the unprecedented environment currently facing our entire industry. While the performance of the Lariat employees in the face of extremely difficult circumstances has been exceptional, significantly lower drilling budgets and associated well counts across the sector have created an unsustainable market for Lariat’s operations.”
Lariat specializes in drilling, workover and completion rigs, location and road construction, and other oilfield-related services.