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SandRidge announces plan to cut more than half of remaining OKC workers

SandRidge Energy Center. [OKLAHOMAN ARCHIVES]
SandRidge Energy Center. [OKLAHOMAN ARCHIVES]

SandRidge Energy announced Tuesday it plans to lay off more than half the workers it still has in Oklahoma City.

Notifications the company filed with state and federal officials stated the company plans to eliminate 63 jobs from the 120 it currently has at its headquarters operation.

Workers will be let go on April 3, the company's notifications stated.

“As a result of the continued challenging commodity price environment, the company has deemed it necessary to reduce its workforce, commensurate with anticipated levels of activity planned for 2020,” a statement issued by the company read Tuesday afternoon.

“While market conditions made this decision necessary, we deeply regret the impact of this action on our employees, their families and our community.”

Tuesday's announced job cuts mark the second time the company has announced its plans to cut staff within the past year. In June, under the leadership of CEO Paul McKinney, it announced it would shed 10% of its workforce, trimming its companywide employee count to about 280 at the time.

In December, it announced its board had replaced McKinney with an interim CEO, John P. Suter, and also announced it aimed to cut costs to boost cash flow.

Suter, an oil and gas executive with ties to Continental Resources Inc., Chesapeake Energy Corp. and American Energy Partners, joined SandRidge in April 2015 as its senior vice president of mid-continent operations. He is the fourth man to have serve as CEO since SandRidge emerged from bankruptcy in October 2016.

Tuesday’s news could prompt some to worry whether SandRidge’s corporate home, SandRidge Center, might ultimately go dark.

But Mark Beffort, CEO of Newmark Grubb Levy Strange Beffort, said Tuesday he doesn’t share that concern.

Beffort said the building is set up in such a way that SandRidge could lease or even sell parts of the property to other businesses and continue to call SandRidge Center its home without any issues.

“In that particular building, you have two different elevator banks, and you could take one full bank and make it available to third-party units,” Beffort said.

Beffort said he is sure there would be interested parties, given the building is in a great spot downtown.

With the parking and security attached to the center, “they have a nice, wonderful environment that would be well-received by different prospects in the marketplace.”

Jack Money

Jack Money has worked for The Oklahoman for more than 20 years. During that time, he has worked for the paper’s city, state, metro and business news desks, including serving for a while as an assistant city editor. Money has won state and regional... Read more ›