According to an article in the St. Petersburg Times, co-owner Bill Surratt said Tuesday the company has been struggling with diesel fuel costs, paying nearly $2.09 in California.
"We're at a point where we can't take it anymore," he told the paper.
Of the company's 88 rigs, D&K owners plan to sell dozens of trailers and about 53 of the tractors at public auction next month. The work force is expected to drop from about 200 to about 60, he said.
"We hate to do this, but it's reached that point," he added.
Surratt said D&K will continue operating a smaller fleet as long as it can, and maybe someday expand again if fuel prices come back down.