Wyoming Machinery Company Cuts Workforce by 13% Amid Energy Downturn
Wyoming Machinery Company has cut its workforce by roughly 13% following the recent downturn in the state's energy industry, which is partly attributable to the COVID-19 pandemic.
In a written statement Wednesday, the company did not specify the number of employees who lost their jobs earlier in the day.
The company said it is working to provide resources to employees and their families who have been impacted by the difficult decision.
A Caterpillar dealer, the company serves a variety of industries including mining, oil and gas, agriculture and construction. It was founded over 50 years ago in Casper and has since established offices in Cheyenne, Gillette and Rock Springs.
The Powder River Basin in Wyoming and Montana has seen over 400 mining jobs lost so far this year across several mines due to the decline for coal-fueled electrical generation resulting from decreased energy use amid the COVID-19 pandemic.
And just last month, the price of crude oil plunged to nearly -$37 per barrel as overseas producers flooded the market, causing Wyoming's rig count to drop significantly.
The coal layoffs and reduced production caused BNSF Railway to reduce its workforce by over 340 positions last week, including over 120 jobs in Wyoming, as it closed mechanical facilities at Guernsey and Donkey Creek as well as Glendive, Montana.
Last month, the president of the National Mining Association asked the federal government for hundreds of millions of dollars in relief, including tax cuts, for the coal industry.