SandRidge Energy Inc. CEO James Bennett said Thursday the company is laying off 132 employees, or about 20 percent of the workforce at the Oklahoma City headquarters.

The announcement comes after SandRidge laid off 265 employees earlier this year in the Permian Basin of west Texas.

“Market conditions continue to dictate that we take proactive steps to preserve the financial strength of the company,” Bennett said in a statement. “Aligning the size of our workforce with the realities of a lower commodity price, reducing our capital budget and focusing our ongoing efforts on innovation and efficiency provides us a path forward in this market. We are making great strides in lowering our well costs while maintaining our commitment to safety and sound business practices. As a result, although today is a difficult day, we believe there is ample reason to be optimistic about the future of SandRidge even with sustained lower oil prices.”

SandRidge last month slashed its 2015 drilling budget to $700 million, or 56 percent below 2014 levels, and said it plans to reduce its rig count to seven, down from 32 in January.