Drilling Down

Range Resources Announces It Will Lay Off 55

FORT WORTH, Texas – Range Resources Corp. announced Tuesday that it would place 55 employees on layoff because of low natural gas prices.

Thirty-one of the affected employees work in Washington County in southwestern Pennsylvania, the company said.

“Low commodity prices have created a harsh reality that everyone in our industry is facing,” Ray Walker, chief operating officer, said in a statement. “For Range that has included difficult decisions, reflected by adjustments in our operations, reductions in capital spending, office closures, asset sales, and staff reductions.”

Range Resources employs about 700, the majority of whom are in Southpointe. The company is a major driller in the Marcellus shale formation across Pennsylvania and West Virginia.

Range said the 31 positions would be eliminated between the company’s regional headquarters in Southpointe and a field office in Chartiers Township. Other cuts include 20 in Fort Worth, two in Williamsport, Pa., and two in Oklahoma.

Severance packages will be offered to those affected by the layoffs.

“We are taking these and other steps to position Range to weather the current commodity price environment until demand is projected to come more closely in line with supply and commodity prices,” Walker said.

Energy companies have struggled since oil and gas prices began their collapse in late 2014.

Published by The Business Journal, Youngstown, Ohio.