Low oil price, new analysis lead to layoffs at Western Land Services
The workforce at Western Land Services was reduced from 440 employees to 260 because of a variety of factors, said company CEO John Wilson on Monday.
The reductions began late in 2018 because the price of oil dropped to about $40 per barrel on the markets.
“Nobody saw it coming. So many companies pulled back very quickly. At the same time, Wall Street — they didn’t see it coming either. Wall Street started evaluating oil and gas companies differently,” Wilson said.
The difference was Wall Street began to assess how much money a company was generating as opposed to measuring production.