The Daily Advertiser reported today on another round of layoffs at Stone Energy, confirming that the recent downsizing has affected about 45 workers in Lafayette, New Orleans and Houston.
The Lafayette-based independent oil and gas operator, which has been struggling to stay afloat amid falling oil prices, noted in an SEC filing earlier this year that it may be forced into bankruptcy to address its liquidity problems. In June the company completed a 1-for-10 reverse stock split, meaning every 10 shares of Stone’s issued and outstanding common stock were automatically converted into one share of common stock. The stock was trading at about $10.20 mid-day Thursday.
Stone confirmed to ABiz late last year that it had cut 25 percent of its workforce and was down to about 300 employees.
The Advertiser reported that employees from a variety of levels were laid off, including management, but noted that the company did meet the “mass layoff” benchmark for notifying the Louisiana Workforce Commission.
In total, a Stone spokeswoman told the paper, there have been fewer than 200 layoffs since oil prices began to plunge in mid-2014.
Read the Advertiser story here.