LAFAYETTE, La. (KLFY) – Stone Energy, an oil and gas exploration company headquartered in Lafayette, has announced company-wide layoffs.
Florence Ziegler, Senior Vice President of Human Resources, told News 10 just under 50 positions will be cut.
The executive said the company had to make an adjustment to respond to the low cost of oil.
Positions are being cut across the board, including professional, administrative, and management positions.
Ziegler did not disclose how many people will lose their jobs at the Lafayette office but did say those employees were terminated on Monday.
In a news release earlier this month, the company reported a net loss of $195.8 million, or $35.05 per share, on oil and gas revenue of $89.0 million, in the second quarter of 2016.
In the second quarter of 2015, Stone Energy reported a net loss of $152.9 million, or $27.68 per share, on oil and gas revenue of $149.5 million.
As of Thursday morning, Stone Energy (NYSE:SGY) was trading at $10.33 a share.
The company also has offices in New Orleans, Houston, and Morgantown, West Virginia.