Newfield Consolidating Operations in Houston

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Newfield announced May 10 that it plans to consolidate operations to its headquarters in The Woodlands.

The move will “result in a significant reduction of employees” in Newfield’s office in Tulsa, Oklahoma, the company said in a filing with the U.S. Securities and Exchange Commission. However, specific details were not provided. As of Feb. 19, Newfield had 1,111 employees, and all but 53 were located in the U.S.

“The consolidation is expected to improve business and cost efficiencies in operations and margins in today's continuing low commodity price environment,” Newfield said in its May 10 filing.

Last year, Newfield closed offices in Denver and north Houston's Greenspoint area in a similar consolidation.

Also on May 10, the company announced a broader reorganization that will affect Newfield’s headquarters and some field offices. Both the consolidation and reorganization are expected to be complete by the end of the third quarter.

Currently, Newfield expects that one-time charges associated with the consolidation and reorganization will be between $30 million and $36 million, including severance payments of between $18 million and $23 million. However, those figures may change depending on several factors, including how many employees agree to relocate.