SandRidge Eyes Bankruptcy; WMB To Lay Off !0% Of North American Workforce -- March 30, 2016

Reuters is reporting:

SandRidge confirmed on Wednesday it has hired advisers to evaluate options including a bankruptcy filing, in what could be the most high-profile reorganization yet in U.S. shale oil industry.

Williams (WMB) to lay off 10% of workers in North America.

Tulsa, Okla.-based Williams Cos. has begun laying off workers as part of its 2016 business plan, announced January 25.

The business plan aligns the company’s future growth with the realities of the current market. The company is laying off approximately 10 percent of its total workforce across North America.

Prior to the layoffs, the company employed 6,700 workers. The company began implementing cost reduction initiatives in 1Q 2016, which include postponing salary increases, significantly reducing or eliminating hiring in some areas of the company, reducing the number of contractors and reducing the use of outside services.

Layoffs will be completed this week and Williams will provide severance, including benefits and outplacement services to affected employees.

In September, pipeline giant Energy Transfer Equity announced it would buy Williams Cos. In a recent filing, Energy Transfer stated it plans to consolidate corporate offices in Dallas, which would reduce Williams’ presence in Tulsa and Oklahoma City.

Williams’ recent workforce reductions are “focused solely on sustaining Williams’ future growth and not related to the proposed merger with Energy Equity Transfer.”