The independent oil and natural gas exploration and production company cited the steep drop in crude oil prices in its decision to close the
The decision came after the company said it made other cuts, including halving capital expenditures, lowering the company's dividend and reducing executive salaries.
“We simply do not have a choice and came to this decision only after exhausting all other cost saving measures,” board chairman
The company said it intended to keep funding the El Dorado Promise, a scholarship program it set up in 2007 that pays the tuition of every college-bound graduate of
Gov.
“We know that we will continue to work with both companies in the future," Hutchinson said.
“I’ve been here all my life and that’s been one of our bragging rights that
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