OKLAHOMA CITY (AP) -- Oklahoma City-based SandRidge Energy Inc. is laying off more employees as oil prices continue to fall.
SandRidge laid off 172 employees in Oklahoma City on Wednesday. Combined with 226 layoffs at its Lariat Services Group subsidiary in northwest Oklahoma last month and natural attrition, the company says it now has 440 fewer employees than at the start of 2016.
SandRidge CEO James Bennett said in a statement that the decision was difficult but necessary for the stability of the company. He told The Oklahoman that affected employees are being given undisclosed severance packages.
The layoffs include two executive vice presidents and a senior vice president. SandRidge now has 717 employees companywide, including 376 in Oklahoma City -- down from 1,157 companywide and 548 in Oklahoma City at the end of 2015.
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