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Laredo Petroleum reports staff cut because of lower commodity prices


Laredo cuts staff

Laredo Petroleum has announced it has reduced its staff by 22 employees because of lower oil prices caused in part by the coronavirus pandemic.

The announcement, made through a filing with the U.S. Securities and Exchange Commission, also reported that Michael T. Beyer, the company’s senior vice president and chief financial officer, also had left the company.

Beyer, who company officials stated did not leave because of any dispute or disagreement, received a cash severance payment consisting of 1.5 times his current base salary, target bonuses for 2019 and prorated for fiscal 2020, and cash compensation based on the value of unvested, restricted and now canceled stock awards he otherwise would have been due.

It also reported Laredo’s board named Bryan J. Lemmerman as Beyer’s successor. Most recently, Lemmerman, 46, served as Chesapeake Energy’s treasurer and business development vice president.

“Although oil prices have rebounded from the historic lows reached just six weeks ago, we remain committed to maintaining our competitive cost structure and have taken decisive action to support corporate level returns,” said Jason Pigott, Laredo’s CEO. “Decisions to cut personnel costs are never easy, but we have focused compensation reductions primarily at the officer and director level … and are continually focused on making the necessary adjustments in this challenging price environment.”

Jack Money, Business writer

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 ›