Southwestern Energy to cut 1,100 jobs amid oil slump
Southwestern Energy job cuts will save between $150M and $175M a year
At the end of 2014, the company employed 2,780 people. Southwestern Energy photo.
NEW YORK _Southwestern Energy is cutting 1,100 jobs, with the price of crude wallowing at levels not seen in more than a decade.
The oil and natural gas company had about 2,780 employees at the end of 2014, the last time it reported how many workers it had.
Southwestern Energy said in a government filing Thursday that it had no drilling rigs in operation to start the year and expects drilling activity to decline.
Thousands of jobs have been slashed in the energy sector over the past year. There’s an oversupply of oil, bringing prices down. Since the beginning of the year, crude is down about 20 per cent.
Southwestern Energy said the job cuts will save it about $150 million to $175 million a year. It expects the layoffs to be completed by the end of the first quarter.
Shares of the Houston company rose $1.04, or 14.1 per cent, to $8.43 in afternoon trading.
The Canadian Press
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