Southwestern Energy Co. SWN 19.24 % on Thursday announced a sweeping workforce-reduction plan that will lay off or reduce the roles of about 45% of the company’s employees as it struggles with plummeting fuel prices. The move will affect about 1,100 employees, and in combination with a smaller workforce reduction in the last quarter, is expected to cut annual costs by $150 million to $175 million, according to company filings. “Natural gas prices have continued to decline over the past year, creating conditions where cash flow to fund projects will be significantly lower than it has been the past few years,” said a company spokeswoman. “These organizational changes are required to maintain competitiveness in this low-gas-price environment.” The filing cited “anticipated lower drilling” and the company said it had no drilling rigs in operation at the start of 2016. Employees will be offered severance payments totaling $45 million to […]