Sandridge Layoffs

[Insider]

It appears Sandridge is laying off people...

Google Finance: Riata Energy, Inc.

Anyone else heard this?

[lasomeday]

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

[metro]

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?

[OKCMallen]

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

[autoMATTic]

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.

[Thunder]

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

[taylor83]

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.

[adaniel]

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!

[rondvu]

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

[taylor83]

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.

[GWB]

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?

[Baylor79]

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.

[montereyray]

It appears Sandridge is laying off people...

Google Finance: Riata Energy, Inc.

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.

[montereyray]

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

[FFLady]

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...

[OKCMallen]

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.

[Baylor79]

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.

[FFLady]

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....

[OKCMallen]

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.

[soonerguru]

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.

[OKCMallen]

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.

[dallastransplant]

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.

[Thunder]

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.

[moose]

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.

[taylor83]

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.