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Oil companies merge, make cuts

CARLSBAD – As oil prices fall below $50 per barrel, more companies are cutting costs through layoffs.

Oil companies are also merging or acquiring other companies to reduce their own workforce.

Matador Resources Co., based out of Dallas, announced Tuesday in a news release that it has acquired Harvey E. Yates Co. out of Roswell, which includes “certain oil and natural gas producing properties and undeveloped acreage located in Lea and Eddy Counties.”

According to the news release, approximately 59,000 gross acres are located in Lea and Eddy counties,

Also, on Jan. 15 Apache Corp. announced it will lay off about 5 percent of its workforce.

“The decision to part with employees is always a very difficult one, and it’s a step we took this week after pursuing other measures including a slowdown in activity and reduction in budgets given the current price environment. The staff reduction constitutes less than 5 percent of our global workforce,” an Apache spokeswoman said.

Although the company has not provided a breakdown of layoffs according to specific area, she estimated that the layoffs for Apache Corp. will be about 1,000 people for the Permian Basin.

The Permian Basin includes parts of New Mexico and Texas, particularly Lea and Eddy counties.

“It’s a thing we are going to see a lot more of before summer is up,” Raye Miller, president of Regeneration Energy, said of the recent layoffs.

Related: Economic expert says New Mexico needs 160,000 jobs over next ten years

 

This article was written by Sarah Matott from Carlsbad Current-Argus, N.M. and was legally licensed through the NewsCred publisher network.

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