Whiting Petroleum to lay off 33% of employees

DENVER  — Whiting Petroleum Corp. (NYSE: WLL) is cutting a third of its workforce, potentially affecting several jobs in Fort Collins and in its Weld County oil and gas wells.

The company announced it will cut 254 jobs as part of a cost reduction program, including 94 jobs in corporate offices, according to a press release issued with the company’s Q2 earnings results. Whiting expects to save $50 million annually from the cuts.

Whiting’s corporate headquarters are in Denver. It was operating 881 wells in Weld County as of April, according to oil and gas tracking site DrillingEdge.  

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It’s unclear how many employees the company has in Northern Colorado. Whiting spokeswoman Ashley McNamee declined to comment further Wednesday afternoon.

Whiting posted an adjusted net loss of $25.7 million in Q2 despite a small increase in daily barrel production from last year.