Stone Energy trims more jobs

Stone Energy Corp., Lafayette, La., has implemented additional workforce reductions in an effort to cut expenses.

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.

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