Range Resources Chops 11% of Workforce (so Far) in 2015

The low price drillers receive for natural gas, NGLs and oil, and the results those prices have on revenues for drillers, continues to take a big bite out of the industry. Companies, rightly or wrongly, reduce head count in order to keep the balance sheet less red than it otherwise would be. One of the easiest and quickest ways to improve finances at big companies is to cut head count. Two weeks ago CONSOL Energy laid off 10% of its workforce–some 470 people (see CONSOL Slashes 10% of Workforce – 470 Jobs Gone). Range Resources is latest to confirm company-wide layoffs. So far this year Range has cut 11% of its workforce. In May, Range laid off 41 people in the Marcellus/Utica region…

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