Swift Energy to Cut Jobs

After emerging from bankruptcy earlier this year, Houston-based Swift Energy Co. will be moving it’s office to the Energy Corridor this month.

In a Worker Adjustment and Retraining Notification Act letter, Swift has informed the Texas Workforce Commission of its plans to cut 56 jobs shortly after relocating. Their offices are currently located in the Greenspoint area at 17001 Northchase Drive, Ste 100 whereas their new office will be at 575 N. Dairy Ashford Road, Ste 1200 in the Energy Corridor. This change is set to take place on or around Jan 22nd according to the letter.

In July, WorleyParsons put 257,659 square feet up for sublease at 575 N. Dairy Ashford Rd, which is also known as Energy Center 2. According to people involved with the deal, Swift subleased 30,000 square feet from WorleyParsons.

 A Swift spokesperson did not immediately respond to a request for comment.

The job cut is set to take place between March 11th-31st, none of the affected employees are represented by any labor organization. This means they do not have bumping rights, in other words, workers with more seniority cannot take jobs from workers with less seniority.

Since emerging from bankruptcy in April, Swift has endured many changes. After holding the chairman position from June 2006 to April 2016, former CEO Terry Earl Swift announced his retirement in August along with CFO Alton Heckaman, Jr.

Marcus Rowland, former CFO of Oklahoma City-based Chesapeake Energy Corp. (NYSE:CHK), took over as chairman of the board in September. Robert Banks was named interim CEO after Swift stepped down in October.

Also in October, Swift Energy began trading on the OTCQX Best Market.

As of December 1st, Swift sold its 14,000-acre Lake Washington field in southeast Louisiana for $40 million, less customary closing adjustments, to Houston’s Hilcorp Energy I LP. Swift plans on using proceeds from the transaction to reduce its debt. After announcing the deal in November, Swift said the divestment would help it focus more on the Eagle Ford, where the company has identified more than 400 high-quality drilling locations.

Article written by HEI contributor Lydia Ezeakor.

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