WPX Energy Axes 8% of Its Workforce, Consolidates Offices in Tulsa

axedAs we’ve previously mentioned, WPX Energy is now largely out of the Marcellus and Utica region. They sold off their most developed leased acreage–46,700 acres and 63 operational wells–to Southwestern Energy earlier this year (see WPX Finalizes Sale of NEPA Marcellus Leases/Wells to Southwestern). WPX still has some acreage in southwest PA they’re looking to unload–but they’ve mostly exited stage left. We’ve also previously mentioned the company has rotten luck–they decided they didn’t like the low price of natural gas in the northeast and so they retooled the company to drill for oil instead–just in time for the price of oil to tank (see WPX CEO Riffs on Company Strategy Change from Gas to Oil Drilling). WPX’s CEO, Rick Muncrief, was installed by a corporate raider. You know what that means. When times get tough, the little guys get axed from the payroll. And that’s just what’s happened. Yesterday WPX announced they’re “trimming” (that’s what firing is called these days) 8% of the workforce…

Please Login to view this content. (Not a member? Join Today!)
You do not have permission to view the comments.

Please Login to post a comment