Denver, Colorado-based Whiting Petroleum, a gas and oil exploration and development company, has responded to a general decline in business with a significant reduction in force that will see 254 layoffs, including 94 executive and corporate positions. A company statement announced “that it has conducted a comprehensive assessment of its organization, operations and cost structure and is implementing an organizational redesign and cost reduction strategy to better align Whiting’s business with the current operating environment and drive long term value.” The reduction is approximately thirty-three percent of its current workforce and is projected to save the company $50 million on an annual basis.
According to Bradley J. Holly, Whiting’s president, chairman and chief executive officer, “We aim to be as efficient as possible and that is why we made the difficult decision to reduce our workforce in order to realize significant annualized cost savings. As the oil and gas industry landscape continues to evolve and investor focus shifts to prioritize predictable capital returns, we see a tremendous opportunity to transform Whiting into a leading, value-focused developer of unconventional assets with a commitment to safety, cost-efficiency, disciplined capital expenditure and maximizing returns. The decision to reduce headcount is always a difficult one as it impacts talented colleagues and friends, but it is a necessary step in our company’s transformation. I want to express my sincere appreciation for the employees affected by today's announcement and their many contributions to Whiting. Consistent with Whiting’s Values, we are committed to treating those impacted fairly and respectfully and are providing support to make this transition as smooth as possible.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?