Tulsa-based Helmerich and Payne is making plans to lay-off up to 17% of its overall work force. The Company’s CEO made the announcement in a conference call with investors.
The declining price of oil is making it unprofitable for companies to explore for new oil. That means oil rigs and being idled. H & P President John Lindsay says the job losses are the worst part of the downturn.
There is no word on how many of the jobs will be lost at H & P’s Tulsa headquarters.