QEP is headquartered in Denver and employs approximately 70 in the Tulsa area. Half the employees will be given the opportunity to relocate to the company’s Denver office, the other half will be laid off, said Brent Rockwood, spokesperson for the company.
The company will provide severance packages, placement services and other transitional assistance to employees who do not relocate.
QEP has another regional office in Salt Lake City that will not close, and the company as a whole employs more than 700 people.
“This was a difficult decision,” Rockwood said. “These employees are valued members of our company.”
The company is keen on streamlining the business and improving efficiencies by moving part of its Tulsa team to home base in Denver.
“Managing our entire asset portfolio and locating all of our commercial and technical teams to Denver will provide greater flexibility and speed in allocating employees according to our business needs,” Rockwood said.
QEP is a crude oil and natural gas company that operates assets in the Williston Basin, Pinedale Anticline, Uinta Basin, Permian Basin and Haynesville Shale. The company is an S&P MidCap 400 Index member company and its common shares trade on the New York Stock Exchange. In the first quarter of 2015, the company saw an average daily production of more than 835 MMcfed, which consisted of approximately 36% crude oil.