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 Houston-based oil and natural gas company had about 2,780 employees at the end of 2014, the last time it reported how many workers it had.
Southwestern Energy said in a government filing Thursday that 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. There’s an oversupply of oil, bringing prices down. Since the beginning of the year, crude is down about 20 percent.
Southwestern Energy said the job cuts will save it about $150 million to $175 million a year. It expects the layoffs to be completed by the end of the first quarter.
Shares of the company rose $1.04, or 14.1 percent, to $8.43 in afternoon trading.