Oil and gas company SM Energy announces it’s leaving the Mid-Continent region — and Tulsa.
"We've been looking to refocus our asset base into our core basins, which are the Eagle Ford and Bakken program and redeploy the assets that we have into those two main plays," said Investor Relations Manager James Edwards.
The Denver-based company expects its assets in Oklahoma’s Arkoma Basin and the Arklatex area of east Texas and northern Louisiana will sell by the middle of the year.
"The plan is to market these assets, and then we'll be closing that office [in Tulsa] sometime in 2015, hopefully being able to relocate most of the folks that we have into some of the other offices that we have around the U.S.," Edwards said.
The company’s assets in the region produced the equivalent of 3.4 million barrels of oil last year, 98 percent of it gas. There are around 100 employees in the region, with about 30 in field offices.
