Extraction lays off 62 workers

DENVER — Extraction Oil and Gas Inc. (Nasdaq: XOG), a Denver-based firm with operations in Weld County, will lay off 62 workers, according to a Worker Adjustment and Retraining Notification Act notice submitted to the Colorado Department of Employment and Labor. 

WARN notices are generally required when a company with more than 100 employees has a mass layoff or closes.

The 62 laid off employees worked at a site in Windsor, the WARN filing said. 

Typically, companies must notify employees and regulators 60 days before a WARN event, but Extraction failed to do that, citing “unforeseeable business circumstances” and “natural disaster” exemptions.

“The dual factors of the spread of COVID-19 and the recent price war between Saudi Arabia and Russia have had, and will continue to have, a drastic impact on the oil and gas market, and therefore the company’s ability to do business,” the WARN filing said. 

Extraction had a similarly sized round of layoffs in February. 

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