Chesapeake

[WCPoke]

https://www.cnbc.com/2018/01/30/chesapeake-energy-reportedly-lays-off-about-400-employees.html

Chesapeake threads over the years have ranged from great news to sad news, and now, to more bad news.

 

[Ostate4life]

https://www.cnbc.com/2018/01/30/chesapeake-energy-reportedly-lays-off-about-400-employees.html

Chesapeake threads over the years have ranged from great news to sad news, and now, to more bad news.

Two friends of mine lost their jobs today but luckily CHK have them pretty generous severance packages.

 

[purkey]

will be interesting to see who the market absorbs these 400 people. I don't think there are jobs in the local area for them...local meaning Oklahoma. Too bad the oil industry is so shakey.

 

[WCPoke]

will be interesting to see who the market absorbs these 400 people. I don't think there are jobs in the local area for them...local meaning Oklahoma. Too bad the oil industry is so shakey.

Did they sell off all of the non-core business stuff McClendon had amassed? Fiasco.

 

[long-duc-dong]

Did they sell off all of the non-core business stuff McClendon had amassed? Fiasco.

They’re trying. Properties all around that campus are for sale.

 

[The Duke]

Viewed from outside the oil industry, I always shake my head how volatile, feast or famine it is. One year money is coming through the door in absurd volume, the next everyone is broke and losing their jobs.

Not sure why these companies can’t shave some of the excess $$$ in the fat times to set aside for the lean.

 

[purkey]

saying they sold off holdings in the Barnett Shale....sold it a while back but were able to keep their employees on the work site as a transition agreement. That agreement ended.

 

[SquinkY5786]

I have several friends that have had really good oil and gas jobs. Some pretty high up the chain. Almost all of them left after a few years to get out of the industry.

 

[Air_Thurman]

will be interesting to see who the market absorbs these 400 people. I don't think there are jobs in the local area for them...local meaning Oklahoma. Too bad the oil industry is so shakey.

Obviously it depends on what they do but I would imagine most will not have all that hard a time of finding something in OKC.

 

[Ostate4life]

Two friends of mine lost their jobs today but luckily CHK have them pretty generous severance packages.

My two friends who were laid off are both in IT so they should be ok since their skills translate to a variety of fields.

 

[purkey]

Oil field is not really in a hiring mode...so I'm betting they end up in another profession. When people like Devon start hiring back then you'll know the tide has turned. Boy, at $65 a barrel you'd think it would be easier to find work. Maybe in March or April things will pick up. I think the majority of these people were field people.

 

[Rdcldad]

Oil field is not really in a hiring mode...so I'm betting they end up in another profession. When people like Devon start hiring back then you'll know the tide has turned. Boy, at $65 a barrel you'd think it would be easier to find work. Maybe in March or April things will pick up. I think the majority of these people were field people.

it's different this time around
it's not an exploration frenzy

just gonna make more dough with higher prices and increased efficiency

 

[poke2001]

Viewed from outside the oil industry, I always shake my head how volatile, feast or famine it is. One year money is coming through the door in absurd volume, the next everyone is broke and losing their jobs.

Not sure why these companies can’t shave some of the excess $$$ in the fat times to set aside for the lean.

Publicly traded companies don’t necessarily have the luxury of saving money...some yes, but fiduciary responsibility is to the stockholders. Also, during boom times, costs go way up as well and being a service heavy industry, that largely means bodies not just equipment.

 

[poke2001]

Oil field is not really in a hiring mode...so I'm betting they end up in another profession. When people like Devon start hiring back then you'll know the tide has turned. Boy, at $65 a barrel you'd think it would be easier to find work. Maybe in March or April things will pick up. I think the majority of these people were field people.

it's different this time around
it's not an exploration frenzy

just gonna make more dough with higher prices and increased efficiency

Exploration will start to pick up. Hiring was big last year. My location doubled headcount and we are nearly back to 2014 levels.

 

[Rdcldad]

Exploration will start to pick up. Hiring was big last year. My location doubled headcount and we are nearly back to 2014 levels.

i was referring to HQ hiring and infrastructure as it relates to exploration and the chesapeake layoffs

field operations are certainly ramping up with higher commodity prices

 

[cactusjackosu]

I have a great friend that is president of IPT, in the fracking business, and he’s so damn busy it’s crazy. Hiring back people right and left. So busy he’s been working rigs the past couple months.

 

[CarrolltonPoke]

Viewed from outside the oil industry, I always shake my head how volatile, feast or famine it is. One year money is coming through the door in absurd volume, the next everyone is broke and losing their jobs.

Since time immemorial.

 

[davidallen]

Thanks Trump...