Southwestern Energy Co. announced that extensive workforce reductions nationwide, that it will lay off 600 employees in Arkansas - about 50% of its workers in the state - as the company grapples with plunging natural-gas prices. The company, based in Houston, also will reduce its total workforce by about 40%, or more than 1,100 employees, nationwide.

The job cuts by Southwestern Energy come as many energy companies are looking to further reduce costs during a prolonged slump in oil and natural-gas prices. The explorers and producers have been idling drilling rigs, cutting spending and projects, and laying off tens of thousands of employees. This is just another reminder that this is such a boom-and-bust industry and companies have struggled with having enough employees in the boom times without losing them in the bust times.

The company said the decline in natural-gas prices has reduced the cash flow for project funding, resulting in the company reducing its workforce to remain competitive.