A Tulsa oilfield tool manufacturer announced more layoffs Tuesday.
D&L Oil Tools says it's laying off 53 employees effective immediately. The company says that's about 20 percent of its work force. It blames the declining price of oil and its effect on the company’s revenue projections.
“This has been an unbelievably tough year for us and all in the oil & gas industry,” Lee Eslicker, Founder and President of D&L Oil Tools said. “We are very close-knit company and days like today are far more than a difficult business decision, they really strike a personal chord.”
The company laid off 78 employees in February.
“We had certainly hoped that the first round of layoff’s earlier this year would be sufficient to sustain through this downturn,” said Dan Eslicker, Chief Operating Officer of D&L Oil Tools. “Unfortunately, we have seen production and demand decrease far more than we could have anticipated.”