Survey: Region’s energy firms to cut jobs by 12 percent in 2015

Energy firms in the Kansas City Federal Reserve Bank district, hurt by falling oil prices, plan to cut jobs by 12 percent this year, according to a bank survey.

The district includes Kansas, Oklahoma, Nebraska, Colorado, Wyoming, western third of Missouri and the northern half of New Mexico.

“Firms have sharply cut capital expenditures and many are also reducing employment and hours,” said Fed economist Chad Wilkerson, in a statement. “However, firms’ breakeven oil prices have also fallen considerably the past six months, to an average of $62 per barrel, down from $79 per barrel six months ago.”

This story was originally published April 13, 2015 at 9:57 AM with the headline "Survey: Region’s energy firms to cut jobs by 12 percent in 2015."