It appears Sandridge is laying off people...

Google Finance: Riata Energy, Inc. (http://finance.google.com/group/google.finance.704234/browse_thread/thread/72ca9e6245a03c3d)

Anyone else heard this?

Yeah, they laid off 75 people. I heard every department was affected.

Not sure if it matters, but that was posted yesterday, April 1st (Fools Day). Hope it isn't true, but very well could be. Has any LOCAL media confirmed?

I heard through the rumor mill this was going to occur. Way more likely than not that it's true.

I heard through the rumor mill this was going to occur. Way more likely than not that it's true.

It is true. About 50 people.

Look at the bigger picture. Guiding Lights will terminate in September. Now, that is millions of angry fans! I don't watch this one. lol

It is true. The layoffs started on Monday and last through this Friday 4/3. I was notified Wednesday that I'm no longer employed with SandRidge and I was escorted out immediately. The positions that were layed off are high paying, full-time, professional positions through the whole corporate headquarters in OKC. They recruited heavily for these positions last spring and summer from all over the country. It's not pretty.

Wow this really stinks. I had an interview with them on September and it went well enough that I got a second interview with them a few weeks later. I didn't get the position in the end but if I did I would have taken it in a heartbeat. It seems like they took a page from Chesapeake and became highly leveraged and now its biting them in the butt. A shame, really.

Taylor83 I really hope you land on your feet. I'm starting to hear some E&P companies may start lifting their hiring freezes in the late summer if oil can get and stay above $55/bbl. Lets keep our fingers crossed!

Taylor83, I am so sorry to hear about your job situation. I had worked across the street at AT&T (Mgt.) since 10-2-78 being an exemplarily employee along with 27 years perfect attendance. I was told on April 10 of last year that I and (1200 others) was being surplused and that I had 60 days which would be June 10th to find another job. Note just 4 months from my 30 yrs. If I did not, I would be terminated with 1 yearpay, no retirement or insurance. I put in over 60 applications within the company and went on numerious interviews. I was told I was over qualified and others were given favoritism. The condition was I had to take the 1st job that was offered or I would loose everything. I was offered a job making 35k less doing door to door. I took the job to make my 30 and had the police called on me, trash thrown on me, dogs let out on me as well as other unpleasant experiences on 10-3-08 I retired being 49 along with benefits with 30 years and one day.
I have come to believe men and women who are self-employeed or in the trade industry knew something I did not. We all need mechanics, plumbers, electricians etc. As we have seen with the downsizing of corporate America a college degree is simply a piece of paper which guarantees you nothing. Blue skies will come again, they did for me Here is a song I have adopted as my theme song over this whole mess. YouTube - Pink Floyd: Another Brick in the Wall Part 2 (http://www.youtube.com/watch?v=A5VtAWS8jaE&feature=related)

Well I certainly appreciate all the kind words. I met up with some old coworkers today and they were pretty beat up about the ongoing situation. As far as jobs go, I've got a few leads in Dallas and Houston. I think they'll work out but who knows at this point.

Well I certainly appreciate all the kind words. I met up with some old coworkers today and they were pretty beat up about the ongoing situation. As far as jobs go, I've got a few leads in Dallas and Houston. I think they'll work out but who knows at this point.

Was that you on the news tonight?

It appears Sandridge is laying off people...

Google Finance: Riata Energy, Inc. (http://finance.google.com/group/google.finance.704234/browse_thread/thread/72ca9e6245a03c3d)

Anyone else heard this?

Yes they are. I was show the door this morning. They were very cloak and dagger about it. 1 months salary is all I was givin. What really stinks Is I left another good job to work for these guys. Now I need to eat crow and hope they will take me back.

Yes they are. I found out this morning the hardway.

I was also involved in the layoffs, and have to say we were all completely blindsided. There doesn't seem to be a rhyme or reason for who was picked in our dept. except for a few obvious dead-weights, some very loyal and valuable employees were told, packed up and escorted out by security (some down the freight elevator) in a matter of minutes. Employees not affected were herded into conf. rooms and kept busy and away from the happenings.
HR and middle management looked us in the face today and told us the company was good for now and it was all handled very, very well. I couldn't disagree more. As Rondvu described, there is no such thing as loyalty in corporate America. The people that were left are merely propping up the company until the ship sinks and they go down with it. I'm sorry to sound so alarmist, but I've been through layoffs before and recognize the symptoms. Everyone here is in a state of shock, but people outside our company knew about it before we did. Some got email warnings from friends at Devon and other companies.
I predict that Chesapeake is next, especially since a huge stock retention bonus that they granted their employees (as "golden handcuffs" when they started leaving to go to Sandridge 3 years ago) will begin to vest this late summer. When that giant starts to tumble, God help us all in okc. :closed:

Wow guys - my condolences.....I have a fren who I worked with that went to their Auditing Dept about a year ago. I'll have to email her and see if she was affected by this...

It's not the end of the world guys. How do you think layoffs happen? Tearful goodbyes? Hugs all around? You're given 3 months' time? They didn't HAVE to give you a month's salary.

Individually, I feel for you guys and wish you the best of luck. But the sense of entitlement expressed collectively in this thread strikes me as odd and ill-founded.

Individually, I feel for you guys and wish you the best of luck. But the sense of entitlement expressed collectively in this thread strikes me as odd and ill-founded.


Please. Some of these folks moved here from around the country to work for them. Apparently the company mismanaged its resources and is overleveraged. That was beyond the control of the workers.

People spend more time at their workplace than their homes in many cases. Being escorted out the back elevator by security is a brutal method to do this.

When I was laid off, I was actually tipped off a couple of days in advance. We were all allowed the opportunity to clean out our desks and leave on our own. Much more humane way to deal with it.

They were given one months' salary in some cases. I don't think it's about entitlement, it's about leaving a good job or moving your family across the country to work long hours, weekends, holidays, etc. to build up a fledgling company only to watch it being run into the ground and then tossed aside and treated like a criminal when you've invested so much into it. It's about watching corporate waste in the millions of dollars while you are offered what amounts to nothing on their scale of their spending and to get it you have to sign a document saying you'll never utter a bad word about the company. No, it's not the end of the world, but it's a wake-up call.

Please. Some of these folks moved here from around the country to work for them. Apparently the company mismanaged its resources and is overleveraged. That was beyond the control of the workers.

People spend more time at their workplace than their homes in many cases. Being escorted out the back elevator by security is a brutal method to do this.

When I was laid off, I was actually tipped off a couple of days in advance. We were all allowed the opportunity to clean out our desks and leave on our own. Much more humane way to deal with it.

If you don't like the idea of being laid off, sign an employment contract. I'm not saying it doesn't suck; it obviously does. But ushering people out of the office is a security issue. Lay-offs are a fact of life. At-will employees are not entitled to the things people in this thread seem to be expecting...which is nice, because that way they can't be sued when they want to quit.

It's not the end of the world guys. How do you think layoffs happen? Tearful goodbyes? Hugs all around? You're given 3 months' time? They didn't HAVE to give you a month's salary.

Individually, I feel for you guys and wish you the best of luck. But the sense of entitlement expressed collectively in this thread strikes me as odd and ill-founded.


I didn't get the impression these guys were typing any "sense of entitlement". But I can sympathize with the shock of the whole ordeal. Back in 03, we were bought out by a big fish, and knew our run would not be long. When the time did come, they were gracious enough to give us a 3 month notice & a 6 week severance, plus we got to keep our health bennies for a year. We got to stick around, if we chose, until the last day of operations. When you have a "warning", its one thing, but to be completely blindsided, well, that's a whole different emotion....

I didn't get the impression these guys were typing any "sense of entitlement". But I can sympathize with the shock of the whole ordeal. Back in 03, we were bought out by a big fish, and knew our run would not be long. When the time did come, they were gracious enough to give us a 3 month notice & a 6 week severance, plus we got to keep our health bennies for a year. We got to stick around, if we chose, until the last day of operations. When you have a "warning", its one thing, but to be completely blindsided, well, that's a whole different emotion....

Look at MonterayRay's and Baylor's posts regarding getting a severance of "only" one month's salary and people having to use the freight elevator (EGAD! A FREIGHT ELEVATOR! How demeaning!) Soonerguru apparently thinks it's also offensive to be escorted out by security.

As a former SandRidge employee I saw people "let go" over the course of time for no reason other than "change of management style" which is silliness, but anyway, they treated those folks with the integrity of a common criminal being hauled away to SingSing. Very sad because those same folks were professional, educated people who just happend to work for people whose mind changed with the the wind. And we all know how windy Oklahoma is. I hate that bad things happen to good people, but it always comes around.

I'd say this is grounds for a class action lawsuit. The way they handled the layoff far exceed the harassment line. Harassment and violence is a NO NO in the workplace.

I wonder if OKCMallen = Tom Ward.

Thunder, I think thats a great idea. Sue their faces off. I mean seriously, minutes to leave?? I know some lawyers. I'm going to talk to them.

I didn't realize some people were escorted out by security. I was "badged out" by an HR rep so I could get out of the building. I then drove down to the loading dock where someone helped me put my things in the car. I don't understand why they thought some people needed security and some did not.

I also don't understand how they made their decision. When you line up those who were laid off, some people make sense and some do not...at all.

As far as jobs go, I'm fortunate enough to have an interview set up for next week in Dallas. It is just an interview but it is certainly a step in the right direction.

It just saddens me that after 13 months here in OKC, it looks like I will have to move away, to Dallas, to Houston (god I hope not!), or who knows where. In my field and in this job market, I don't really have a choice. I was really getting used to living here and enjoying all the wonderful things the city has to offer.

I'm just hoping for a big rally today on Wall Street. :)

As some one who was laid off myself 2 days before Thanksgiving I agree that it sucks. I had an employment contract that was expiring and was told it was going to be renewed. I was sent a meeting invite by my manager and I assumed he was going to let me know of the renewal - however, he told me I had 3 weeks left and they weren't renewing. No severence pay and I was out of work until January 12th. Life goes on and no one owes me anything except pay for time worked.

I have also been involved from the decision side when layoff were made (I was an HR Information Senior Officer). Executive management simply asked me to run a report for each department ranked by salary. They got rid of the people at the top of the list. If you got laid off it was because you were making more than everyone in your department.

On the political front, as elections have conseqences, I wonder if the decision has anything to do the Obama administrations all out war on the traditional energy industry.

Obama Signs Bill Protecting 2 Million Acres as Wilderness - First 100 Days of Presidency - Politics FOXNews.com (http://www.foxnews.com/politics/first100days/2009/03/30/obama-signs-protecting-million-acres-wilderness/)

Read the last sentence.

I didn't realize some people were escorted out by security. I was "badged out" by an HR rep so I could get out of the building. I then drove down to the loading dock where someone helped me put my things in the car. I don't understand why they thought some people needed security and some did not.

I also don't understand how they made their decision. When you line up those who were laid off, some people make sense and some do not...at all.

As far as jobs go, I'm fortunate enough to have an interview set up for next week in Dallas. It is just an interview but it is certainly a step in the right direction.

It just saddens me that after 13 months here in OKC, it looks like I will have to move away, to Dallas, to Houston (god I hope not!), or who knows where. In my field and in this job market, I don't really have a choice. I was really getting used to living here and enjoying all the wonderful things the city has to offer.

I'm just hoping for a big rally today on Wall Street. :)

I hope you can find some work around here before that happens. (I wouldn't wish houston on anyone!)

As some one who was laid off myself 2 days before Thanksgiving I agree that it sucks. I had an employment contract that was expiring and was told it was going to be renewed. I was sent a meeting invite by my manager and I assumed he was going to let me know of the renewal - however, he told me I had 3 weeks left and they weren't renewing. No severence pay and I was out of work until January 12th. Life goes on and no one owes me anything except pay for time worked.

I have also been involved from the decision side when layoff were made (I was an HR Information Senior Officer). Executive management simply asked me to run a report for each department ranked by salary. They got rid of the people at the top of the list. If you got laid off it was because you were making more than everyone in your department.

On the political front, as elections have conseqences, I wonder if the decision has anything to do the Obama administrations all out war on the traditional energy industry.

Obama Signs Bill Protecting 2 Million Acres as Wilderness - First 100 Days of Presidency - Politics FOXNews.com (http://www.foxnews.com/politics/first100days/2009/03/30/obama-signs-protecting-million-acres-wilderness/)

Read the last sentence.

For our local companies, the problem isn't available, drillable land so much as it is natural gas prices.

I wonder if OKCMallen = Tom Ward.
lol, i was begining to wonder the same thing.

I wish. I'd buy everyone in this thread dinner tonight to discuss.

For our local companies, the problem isn't available, drillable land so much as it is natural gas prices.

Prices have a part to do with it, but if you have proven reseves that you can no longer tap, that cuts into your value. If you have a 2,500 sq ft house that is worth $250,000 and then you are told you can't live in or use 500 sq ft of it, is your home still worth $250,000? What if someone says that in the near future people won't be allowed to live in single family homes anyhow, does that have an impact on the value of your now 2,000 sq ft home? Sure it does - what doesn't go away is the money you spent on the house in building and repairs. Your cost per sq foot of living space goes up and due to future regulation you have no way to recoop your expenses. The same thing applies to our energy industry.

Prices have a part to do with it, but if you have proven reseves that you can no longer tap, that cuts into your value. If you have a 2,500 sq ft house that is worth $250,000 and then you are told you can't live in or use 500 sq ft of it, is your home still worth $250,000? What if someone says that in the near future people won't be allowed to live in single family homes anyhow, does that have an impact on the value of your now 2,000 sq ft home? Sure it does - what doesn't go away is the money you spent on the house in building and repairs. Your cost per sq foot of living space goes up and due to future regulation you have no way to recoop your expenses. The same thing applies to our energy industry.

Nothing wrong with your logic. But the fact is that these companies were drilling as fast as possible for years and still had holdings in TX, LA, OK, WV, they hadn't come close to fully developing.

Your argument speaks very well to crude, but not as well to natural gas. And CHK, SD, Devon are very heavily natural gas (Devon more into oil than the others, I believe).

Nothing wrong with your logic. But the fact is that these companies were drilling as fast as possible for years and still had holdings in TX, LA, OK, WV, they hadn't come close to fully developing.

Your argument speaks very well to crude, but not as well to natural gas. And CHK, SD, Devon are very heavily natural gas (Devon more into oil than the others, I believe).

As the CEO of a major natural gas company - I will take your word for it. :smile:

As the CEO of a major natural gas company - I will take your word for it. :smile:

Hehe. Again, if I were TLW, dinner's on me Kerry, anyplace you want!!! :tiphat:

As the CEO of a major natural gas company - I will take your word for it. :smile:



:LolLolLol (that was kinda funny)............

No offense, but has anyone noticed how clueless HR people are about making good hires? They couldn't find a good employee if their life depended on it. I find it somewhat sad -- and yet amusing -- that Kerry exposes the wizard behind the curtain. They simply fire people based on their salary. Lovely.

Guru- Well, when the goal is to cut costs, that seems like a good place to start...?

Guru- Well, when the goal is to cut costs, that seems like a good place to start...?

One would hope the value of the employee to the company would also be a consideration.

No offense, but has anyone noticed how clueless HR people are about making good hires? They couldn't find a good employee if their life depended on it. I find it somewhat sad -- and yet amusing -- that Kerry exposes the wizard behind the curtain. They simply fire people based on their salary. Lovely.

HR really isn't what people believe it is or what the handbooks say they are. Their main goal and function is to ensure the natives aren't acting out and if a situation comes up, snuff it out right away by any means. I've been in the Fortune 500 world, I've been in the start up world - it is night and day. The bigger the company the more clueless and less human-oriented HR becomes. After a few years back in, I'm glad that I've been out of that routine for the last couple years. Granted setting my own vacation policy is fun too. ; )

One would hope the value of the employee to the company would also be a consideration.

Like the infamous example of Circuit City...several years ago, they fired a bunch of knowledgeable and relatively well-paid sales staff from their company, then offered to hire them into lower-paying positions. The quality of service at their stores went down the drain, and look where they are now!

No offense, but has anyone noticed how clueless HR people are about making good hires? They couldn't find a good employee if their life depended on it. I find it somewhat sad -- and yet amusing -- that Kerry exposes the wizard behind the curtain. They simply fire people based on their salary. Lovely.

It's beyond HR at SandRidge, it's management. HR may feed them the resumes, but management makes the decision on who to interview or who to hire. What seems to be the clincher for getting a job was a) Alma mater B) attractiveness c) ability to take marching orders. In my opinion, the brightest employees were put on the back burner for others who were really good at appearing to be productive, and showing pretty pictures that were the scientific equivalent of "fuzzy math". Some that were let go should have never been hired in the first place, or let go after before their 90 days were up. Others, like Taylor83 stated, were a complete mystery--and they didn't make the top salaries, either. They did the job of those that made the higher salaries and stayed employed.

Chesapeake has now officially started their layoffs in OKC too...

No offense, but has anyone noticed how clueless HR people are about making good hires? They couldn't find a good employee if their life depended on it. I find it somewhat sad -- and yet amusing -- that Kerry exposes the wizard behind the curtain. They simply fire people based on their salary. Lovely.

It is worse than you can imagine. A company I worked for in Tampa had a special project to streamline IT operations and they need 10 more people for the project. We couldn't increase headcount so we had to lay 10 people off to make room. At the request of executive management I ran the report of IT people ranked by salary. We let go of the top 10 people. Sadly, 9 of those people were running the special project that the 10 new people were supposed to work on.

My manager (Director of HR) once made the comment that our company bent over backwards for every executive whim. I told her, "No we don't, we bend over forward."

Hehe. Again, if I were TLW, dinner's on me Kerry, anyplace you want!!! :tiphat:

Ruth's Chris - there are 2 here in Jacksonville.

Well Chesapeake has now started their layoffs also.

.oO(Mr. Incognito, if you need a driver, I'm available)Oo.

They started their layoffs on Sunday afternoon? That's strange.

What really bothered me about the SandRidge layoffs was the all the lies which were told to me in the interview process. I was told SandRidge was different from other companies and how employees were put first. Employees are stakeholders in the company, its not just Tom’s company its your company as well. They also kept on about how they focus on giving back to the community. Well they are giving back to the community in the form of unemployed workers.

One would hope the value of the employee to the company would also be a consideration.

Business people aren't stupid. They typically don't fire people that aren't expendable.

Well Chesapeake has now started their layoffs also.

Link or untrue.

Untrue:

The Journal Record - Article (http://www.journalrecord.com/article.cfm?recid=97421)

Link or untrue.

Link or untrue? An EMPLOYEE posted on another board that he and other employees were laid off. I will give you a link to his post. I guess since he says it and the news hasn't that means it's untrue though. :rolleyes: Some people really crack me up.

OStateIllustrated.com - Message Boards (http://oklahomastate.rivals.com/showmsg.asp?fid=195&tid=126939882&mid=126939882&sid=932&style=2)

They started their layoffs on Sunday afternoon? That's strange.
Who said they started them on Sunday afternoon? Did I give a date? My goodness gracious.

This quote struck me:

“In short, Chesapeake was early to see this downturn coming, we prepared for it and now are taking advantage of our many competitive advantages to prosper during it,” Gipson said.

So why was Aubrey loading the boat at $65/share?

This quote struck me:

“In short, Chesapeake was early to see this downturn coming, we prepared for it and now are taking advantage of our many competitive advantages to prosper during it,” Gipson said.

So why was Aubrey loading the boat at $65/share?

Because the quote is probably untrue! They got lucky and are now trying to spin it to seem like they 'could see this downturn coming!"

CEO's stock decisions != company's reaction to downturn.

CEO's stock decisions != company's reaction to downturn.

Of course they were hedged. They always hedged. It was not a "reaction to downturn."

The reaction to the downturn was when they started liquidating assets. If they were in fact early to see the downturn coming, wouldn't they have been selling assets near the peak?

If Aubrey saw this coming, he would have positioned the company as such and refrained from buying shares on margin at the peak.

Business people aren't stupid. They typically don't fire people that aren't expendable.

I'm sure the people on this thread who were laid off appreciate you calling them "expendable." You should quit while you're ahead. You've made your point.

What is implicit in your commentary is that upper management always makes the right call on hires and fires. My experience in the employment sector begs to differ.

I'm sure the people on this thread who were laid off appreciate you calling them "expendable." You should quit while you're ahead. You've made your point.

What is implicit in your commentary is that upper management always makes the right call on hires and fires. My experience in the employment sector begs to differ.

I said "typically". Which you interpreted as me saying "always". I guess it helps bolster your argument when you fundamentally change what I said. :congrats:

Thing is- chances are you aren't smarter than the people that make these decisions. It's not some blindfolded monkey throwing darts at a list of employees to layoff. These people are sophisticated, business-savvy decision makers. That's not to say they don't make mistakes; sure they do, and often. But your above implication that they only fire the highest-paid people within departments without any consideration of their value to the company is naive and not well-considered. In fact, it was so off-kilter that it makes me question your credibility altogether, especially since you're holding yourself out as someone that is "experienced" in the employment sector.

But your above implication that they only fire the highest-paid people within departments without any consideration of their value to the company is naive and not well-considered.

Whatever pal. Kerry said that is exactly what they did at the company he worked for. That's what I was responding to. You're right that this does not "always" happen. It's been my experience, however, that it is a good idea not to get paid too much or earn too much in corporate America. One does not want to be a budget target. How many times have you heard of people fired right before they were to receive their pensions? It happens all the time.

Anyone who places faith in corporate America to have their back as an employee is a fool at this point.