A Year of Hard Lessons
Yesterday’s news that Houston-based Halliburton had suddenly shuttered its El Reno field office laying off 808 people came as a shock to the system in Oklahoma. The closure represents the single largest layoff in a decade here. And with three weeks until Christmas, the timing couldn’t have been worse. Halliburton is but one of hundreds of energy and energy-related companies this year who’ve had to adjust to the stark new reality of depressed oil and gas prices, decreased drilling, and more than 50 bankruptcies in the upstream and midstream sectors. The company began deep cost-cutting measures in July that included a reorganization to trim spending by 20% and an 8% reduction of its North American workforce. In October, Halliburton cut 650 jobs from its Rocky Mountain region that affected employees in Colo., Wyo., N.M., and N.D. One thing to note here is important: For all the zeal, achievements and mistakes made during this American shale boom, the oil and gas industry is once again learning hard lessons and righting itself. From all of us at REC, our hearts go out to the fine people of El Reno and across the nation who make our energy happen every day.