Oil company SandRidge is going to shut down 75% of its rigs

Monday, February 9, 2015
By Paul Martin

Feb. 9,2015

HOUSTON (Reuters) – SandRidge Energy Inc, a U.S. oil and gas producer, plans to slash its rig count in Oklahoma and Kansas by about 75 percent to eight rigs, according to a document obtained by Reuters.

The cuts, to be implemented through early April, may amount to what is arguably the most significant pullback in well drilling by a publicly traded shale oil company since crude prices started a 50 percent slide in June.

The document shows SandRidge plans to cut the number of rigs drilling in the Mississippi Lime formation in northern Oklahoma and southern Kansas in March and early April to eight, down from 28.

The document makes no mention of rigs in West Texas, where the company also has acreage. It laid off 25 workers in West Texas in January, state data shows.

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