NEW YORK (AP) — Southwestern Energy is cutting 1,100 jobs, with the price of crude wallowing at levels not seen in more than a decade. The company employed about 2,780 employees at the end of 2014, the last time it reported how many workers it had.
The Houston-based company said in a government filing Thursday it had no drilling rigs in operation to start the year and expects drilling activity to decline. Thousands of jobs have been slashed in the energy sector over the past year.
Southwestern said the job cuts will save about $150 million to $175 million a year. Shares of the company rose $1.05, or 14.2%, to $8.43 in midday trading.
Southwestern explores, develops, and produces natural gas and oil in the United States, operating in the exploration, development and production, and midstream services segments.
The company, which cut about 100 jobs in August, said it hasn’t yet set its annual investment budget or operating plan.