Stone Energy Corp., Lafayette, La., has implemented additional workforce reductions in an effort to cut expenses.
The move is expected to result in a 25% decrease in salaries, general, and administrative (SG&A) cash costs for the second half and provide a quarterly cash SG&A outlay, before capitalization, of $11-12 million/quarter, excluding nonrecurring and noncash items.
Stone projects an overall SG&A reduction of 50% from 2016.
The firm did not specify how many jobs are being reduced.