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Low oil price, new analysis lead to layoffs at Western Land Services

David BossickMay 25, 2019

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.

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