In 2010 oil prices started to increase, and by 2011 had reached and exceeded $110 per barrel. The price then hovered in that range until last August when it began to fall significantly. This change in market conditions and its corresponding impact on revenues have unfortunately required many oil and gas companies, as well as oil and gas service companies, to adjust staffing levels and implement reductions in force. According to Bloomberg, the biggest drilling states – Texas, North Dakota, Louisiana, Oklahoma, and Colorado – are expected to feel the most pain. The Dallas Federal Reserve bank estimates 140,000 jobs directly and indirectly tied to energy will be lost in Texas in 2015 because of low oil prices.
Join Thompson & Knight in our Dallas and Houston offices for a live video conference highlighting the most significant legal issues facing companies who are and will continue to be implementing these reductions in force, including:
- Complying with the ADEA/OWBPA when preparing separation and release agreements
- Complying with the WARN Act and state Mini-WARN Acts when implementing mass layoffs and closing locations
- Complying with employment-related immigration requirements when separating with foreign workers
- Avoiding disparate impact discrimination claims based on the use of subjective selection factors when deciding which employees will be impacted
- Managing separations with contractors, consultants, and other non-employee service providers
- Preparing for the upswing in oil prices and associated staffing requirements
Complimentary parking will be provided. CLE/CPE credit is pending approval.
For more information, please contact Hadleigh.Henderson@tklaw.com