OKLAHOMA CITY (AP) - A petroleum and natural gas company headquartered in Oklahoma City has laid off 80 employees less than a week after announcing a new strategy and cost-cutting plan.
SandRidge Energy Inc. announced Monday that "it was necessary to restructure the organization to best align with the revised strategic plan."
The layoffs cut the company's Oklahoma City workforce from 269 to 189. It now has just fewer than 400 total employees.
SandRidge CEO Bill Griffin said last week that he's working with the company's executives and directors to implement a new company strategy. That strategy includes an effort to cut general and administrative expenses to between $36 million and $39 million annually.
Griffin says the cuts will include layoffs and other cost reductions that will take place throughout the year.