Swift Energy Cuts Jobs
Rumors are swirling about Swift Energy as they plan to layoff more employees while moving office locations.
Related: Swift Shifts Assets to be Bigger Eagle Ford Player
Swift Energy Co. emerged from Bankruptcy in April, followed by a major turnover in senior leadership. The latest company shakeup involves cutting more jobs as they move their Houston offices.
56 jobs will be cut as the company moves from its current location in the Greenspoint area to 575 N. Dairy Ashford Road, suite 1200, on or around Jan. 22, according to a letter to the Texas Workforce Commission. The letter says that the jobs will be cut between March 11 and March 31.
In one online forum dedicated to Swift layoffs, some expressed anger at the company’s management and speculated that they are looking to sell the company.
In November, Swift executives announced they had entered into an agreement to sell the Lake Washington field in South East Louisiana to Hilcorp Energy, in order to focus more on opportunities in the Eagle Ford. The sale closed in early December and the details included:
- Cash consideration of $40.0 million upon closing
- Approximately 14,000 net acres in Plaquemines Parish, includes 23 producing wells
- Net sales of approximately 1,160 barrels of oil equivalent per day (97% oil)
Swift Energy Company is an independent oil and natural gas exploration and production company primarily focused on the Eagle Ford trend of South Texas. The company website says they have approximately 70,000 net acres and over 500 identified drilling locations in the Eagle Ford.