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Natural gas driller lays off employees

Source: Joe Wojci, Pittsburgh Business Times

PITTSBURGH — Range Resources Corp., one of the largest natural gas production companies in the region, on Tuesday laid off about 40 employees.

The layoffs were spread between Range Resources (NYSE: RRC) offices in Pennsylvania and Texas. Fort Worth, Texas-based Range confirmed the workforce cuts, and told the Business Times that it was due to the multiyear low prices for natural gas. They are economic conditions that have forced a number of natural gas producers to either cut back or think about doing that.

"A persistent, multiyear impact of low commodity prices has required Range to decrease spending in accordance with a reduced operations schedule," Range told the Business Times. "Unfortunately, this includes the difficult decision to reduce staff in several of our office locations."

Click HERE to read more in the Pittsburgh Business Times.