D&L Oil Tools announced Monday it's cutting its work force immediately.
According to a new release, the company is laying off 78 employees which is almost 25 percent of its workers.
The company said it made the difficult decision to right-size the company for current economic conditions and the continual declining price of oil.
“As a local family business that has worked diligently to see and sustain employee growth over the past 25 years, it is especially difficult to make decisions such as this,” Lee Eslicker, Founder and President of D&L Oil Tools said. “The current price of oil is having ripple effects across the industry and unfortunately our efforts to proactively defend against the downturn have not been enough.”
Tulsa Regional Chamber of Commerce said it is helping the impacted employees find new jobs.
D&L is headquartered at 1915 S. 49th West Avenue in Tulsa.