Chesapeake Business Practices

[CuatrodeMayo]

I can't help but think these cuts (except the layoffs) are mostly for "show" for investors.

Given the scale of the company, the items being cut amounts to less than pocket change.

[Pete]

Pennies make pounds.

And it's part of a big shift in spending philosophy and not only does it add up, it sends a message to all remaining employees that they need to change their ways as well. It's a cultural shift that is long over due.


As for the Christmas lights, I bet they just scale them back. The last couple of years they had extended them all the way through Classen Curve and Nichols Hills Plaza.

[Boomer3791]

I think it will be very interesting to see what impact these cuts have in the long term on all the non-profite that CHK supports. One in particular that could be hit very hard is the Oklahoma City Boathouse Foundation. CHK was responsible for about 80% of OKCBF's annual operating expenses, including salaries and bonuses, which total more than $3M/yr. I know that OKCBF has broght the Chickasaw Nation in as a donor, but I can't imagine that between the Chickasaws and their other big donors, they'll be able to keep the organization running as it has been if CHK cuts their annual contributions back substantially. Ultimately, that could have a huge impact on the ongoing development of the Boathouse District.

[Pete]

They have already said they were cutting way back on philanthropy.

Of course they will still be giving, just not at such a ridiculous rate.

[Garin]

They still play ultimate frisbee on the front lawn with referees and all.... I would love to have a job like that!

[RedDollar]

They still play ultimate frisbee on the front lawn with referees and all.... I would love to have a job like that!

Yeah, we can't have this frisbee chit ...................... why can't they have company sponsored bowling leagues like every one else ????

Huh ??

Don't they know that bowlin is the thing to do in OKC ???

Mowrons

[RedDollar]

Chit ........... and they too damn gud to have company sponsored bass fishin tournyments.

Rich mofos ............ cheeeit !!

[DoctorTaco]

They still play ultimate frisbee on the front lawn with referees and all.... I would love to have a job like that!

The weirdest thing about this is that Ultimate, even at the elite, "Professional" level, does not involve referees. It is a self-policed sport, with players calling their own fouls.

But I digress.

[liirogue]

I'm hearing consistent rumors that One Grand has been sold, with Two Grand not far behind. County assessor's website doesn't show anything yet. Has anyone else heard this?

[PWitty]

I'm hearing consistent rumors that One Grand has been sold, with Two Grand not far behind. County assessor's website doesn't show anything yet. Has anyone else heard this?

I've heard that as well, but not from anyone I would count as reliable. It was mostly just rumor talk. But I have heard they were selling all their outlying properties, so it would make sense that they sell One and Two Grand. I just didn't know if those would be included or not since CHK had a restaurant in One Grand.

[PhiAlpha]

I've heard that as well, but not from anyone I would count as reliable. It was mostly just rumor talk. But I have heard they were selling all their outlying properties, so it would make sense that they sell One and Two Grand. I just didn't know if those would be included or not since CHK had a restaurant in One Grand.

Pete mentioned this in another thread. Sold to midfirst.

[Libbymin]

I've heard that as well, but not from anyone I would count as reliable. It was mostly just rumor talk. But I have heard they were selling all their outlying properties, so it would make sense that they sell One and Two Grand. I just didn't know if those would be included or not since CHK had a restaurant in One Grand.

That's a LOT of office space they'd be getting rid of and, thus, a lot of people without office space...

[PhiAlpha]

That's a LOT of office space they'd be getting rid of and, thus, a lot of people without office space...

They just opened up two massive buildings on campus.

[Boomer3791]

From The Lost Ogle this morning regaring pending CHK layoffs. According to this leaked email, big layoffs may be coming to Chesapeake Energy | The Lost Ogle

[Pete]

I'm hearing consistent rumors that One Grand has been sold, with Two Grand not far behind. County assessor's website doesn't show anything yet. Has anyone else heard this?

http://www.okctalk.com/suburban-deve...tml#post687147


Scroll up in that thread for tons more information about the properties they own and are developing.

[liirogue]

Thanks Pete, I missed the update in that thread. Guess there's a good reason the rumors are flying!

[Pete]

CHK is basically doubling the square footage on their main campus with all the buildings they are opening this year.

This, at a time where they are selling off assets and laying off what appears to be significant numbers.

I don't think we'll see any new construction start there for quite some time and I would expect the majority of their ancillary properties will be sold within a year.


Fortunately, the real estate market is very strong right now in OKC so there shouldn't be a big impact to the community overall.

[Plutonic Panda]

''Chesapeake dismisses its natural gas vehicle team
By Jay F. Marks Published: September 17, 2013
Chesapeake Energy Corp. has eliminated its natural gas vehicle team as part of its ongoing corporate reorganization.

The seven-member team had been responsible for part of the Oklahoma City-based oil and natural gas company’s efforts to develop additional markets for gas usage.


A Chesapeake bus powered by compressed natural gas. April 1, 2009. Photo by JIM BECKEL, THE OKLAHOMAN ORG
Chesapeake has declined to address specifics of its restructuring, but natural gas vehicle advocates don’t expect to lose much momentum.

Rich Kolodziej, president of advocacy group Natural Gas Vehicles for America, said Chesapeake has been an important player in growing the natural gas vehicle market, but other companies and organizations have taken on that role now''

Read much more here: Chesapeake dismisses its natural gas vehicle team | News OK

[Plutonic Panda]

Chesapeake, GE deal not affected | News OK

[bradh]

I'm hearing a lot of good managers got let go today

[Libbymin]

In the midst of layoffs, Chesapeake Energy Corp. Chairman Archie Dunham on Thursday praised CEO Doug Lawler for his efforts to streamline the company.

“It's clearly the situation where we have way too many people, we have way too many members of management, we have too many layers of management and too narrow spans of control,” Dunham said.

http://newsok.com/chesapeake-chairma...rticle/3884666

[Pete]

That article also says that if/when they reach 500 in total OKC layoffs, they have to do an official filing, which hasn't happened yet.

Pretty sure they will reach that threshold before this restructuring wraps up by Nov. 1.

But, it also says they started with 4,700 employees, so they should still have around 4,000 when the dust settles.

[Libbymin]

That article also says that if/when they reach 500 in total OKC layoffs, they have to do an official filing, which hasn't happened yet.

Pretty sure they will reach that threshold before this restructuring wraps up by Nov. 1.

But, it also says they started with 4,700 employees, so they should still have around 4,000 when the dust settles.

500-700 would still be a significant number either way though.

[PhiAlpha]

500-700 would still be a significant number either way though.

To put it into perspective, it would be like Continental in its entirety or Sandridge's downtown presence being wiped off the map.

[venture]

KWTV reporting more layoffs happening today. I guess the Lost Ogle nailed this a week or two ago.