Chesapeake Business Practices

[ctchandler]

Easy180,
Now, that's sick. A few years ago (early 90's) Hertz laid off a lot of folks and they were rounded up like cattle and told about it. Our employee relations manager resigned because of it. He had class.
C. T.

I was part of a have to let you go party in a conference room a few years back...The douche led off with a joke

[soonerguru]

I was part of a have to let you go party in a conference room a few years back...The douche led off with a joke

Was it George Clooney?

[ou48A]

Is Chesapeake Really Serious About Financial Discipline? (CHK)

"Chesapeake is allocating the bulk of its capital to its highest-quality and most profitable projects. At the same time, it will continue to raise additional cash through its ongoing asset sale program, while also reducing its financial and operational risk and complexity."

[sooner88]

Just got a text message from a current employee saying "And so it begins..."

[ereid]

I saw a post from someone on FB that 5 on her husband's floor were let go.

[MGintheBLC]

Entire departments/groups are being let go in large group meetings. some updates over at Chesapeake Energy Corp. Layoffs

[okc_bel_air]

You can't trust everything on the thelayoff.com forum. Most people on there are trolls. But yes, I have also heard they are now moving on to the average employee and groups. I have some friends that work there and so far they are safe but very worried. I am keeping in touch with them today and will pass along any info.

They are in Land, Finance, and Accounting departments.

[warreng88]

I have a friend in the land dept and she got laid off 15 minutes ago. I asked how many people were in the room with her and she said a bunch but she couldn't say more because she wanted to keep her severance package.

[Just the facts]

Just like clock work - the second layoffs were confirmed today the stock started climbing. Carl should be happy. He just pocketed another few hundred grand.

CHK Stock Quote - Chesapeake Energy Corp. Stock Price Today (CHK:NYSE) - MarketWatch

[Richard at Remax]

Doubtful since it is down $.02 right now

But even if he does make money, why should it bother you if the stocks go up? I am an investor with them. I will be disappointed that people lost their job but if the market favors it then it shows it was the right thing to do.

*also like to say my wife works in exploration over there and her landman along with a few others got the axe this morning too

[okc_bel_air]

20+ in accounting just got let go.

[Just the facts]

Doubtful since it is down $.02 right now

But even if he does make money, why should it bother you if the stocks go up? I am an investor with them. I will be disappointed that people lost their job but if the market favors it then it shows it was the right thing to do.

*also like to say my wife works in exploration over there and her landman along with a few others got the axe this morning too

From the second the layoffs were confirmed the stock is up. Also, it was the right thing to do for whom?

[Richard at Remax]

For the future of the company these layoffs were necessary. It had become unsustainable. And yes when the stocks go up the people at the top shares go up. along with every other stockholder of the company. I usually agree with you on stuff but I don't understand why you are trying to make the point that the CEO should be happy. He is there cleaning up aubreys mess. Plus He answers to the board so don't make it seem like it was just him. This is what needed to happen. Its hard to take emotion out of it but its what needed to happen. Cause if they were to continue in the direction they were going it probably would end up a lot worse.

[Just the facts]

The situation as Chesapeake has nothing to do with the company being financially stable. That is what gets lost in all this. The situation with Chesapeake and Sandridge was that the Wall Street investors didn't think they were getting enough money. At no time was Chesapeake in danger of going out of business. At the end of each year AM had a pile of profits to do something with - he chose to spend on himself, his employees, his campus, and OKC in general and not give it all to the Wall Street investors. We saw where that got him.

[bradh]

Even the people that I am friends with that work at CHK acknowledge what's happening is needed for the company to survive long term.

[Libbymin]

They've definitely been overstaffed for a while so some changes were needed. But it sounds like they're making these cuts with a hatchet instead of selectively picking the ones who were underperforming. I have a friend in Land Title who was just let go. He's been there for several years and a very competent guy. He was just in the wrong place at the wrong time I guess. That whole department may have gotten the axe.

[PhiAlpha]

The situation as Chesapeake has nothing to do with the company being financially stable. That is what gets lost in all this. The situation with Chesapeake and Sandridge was that the Wall Street investors didn't think they were getting enough money. At no time was Chesapeake in danger of going out of business. At the end of each year AM had a pile of profits to do something with - he chose to spend on himself, his employees, his campus, and OKC in general and not give it all to the Wall Street investors. We saw where that got him.

With all of his crazy acreage purchases, there was not a pile of money left over at the end of any year. Hence the constant borrowing of funds and increased debt. The campus and real estate purchases add to it, but that is nothing compared to what they were spending on operations. They are scaling back operations and have a bunch of employees that don't or won't have anything to do. The layoffs suck but they are extremely necessary to the future of the company.

[Just the facts]

Well Carl Icahn disagrees with your friends. He didn't invest billions in a company that might go out of business. He buys into companies that he thinks are hoarding profits, switches out the board and CEO, and rakes in the profits for himself. It is what he does. Icahn is Zielinski, Chesapeake was Callahan Auto, and AM was Big Tom. This country needs more Big Tom's and less Zielinski's.

As for the future of Chesapeake (the supposed outcome of the rescue), we'll see what happens after all the 'shareholder value' has been transferred.

BTW - Icahn just bought 61 million shares of Talisman Energy.

http://www.forbes.com/sites/christop...lisman-energy/

His full tweet: “Disclosed approx 61 million share position in Talisman Energy. May have conversations with mgmt re strategic alternatives, board seats, etc

[PhiAlpha]

They've definitely been overstaffed for a while so some changes were needed. But it sounds like they're making these cuts with a hatchet instead of selectively picking the ones who were underperforming. I have a friend in Land Title who was just let go. He's been there for several years and a very competent guy. He was just in the wrong place at the wrong time I guess. That whole department may have gotten the axe.

If he's in land title, they are just going to start outsourcing that work like every other oil and gas company does. It's cheaper and they don't have to pay for benefits, bonuses, etc.

[bradh]

Nice Tommy Boy reference, you will get props for that anytime

[OklahomaNick]

Just confirmed that 95% the legal division of the Land Title department was let go this morning. They kept about 10 of 175 employees. Most of these had law degrees. Lots of attorneys will be looking for jobs.

Its a blood bath over there at 63rd & Western today..

[PhiAlpha]

Just confirmed that 95% the legal division of the Land Title department was let go this morning. They kept about 10 of 175 employees. Most of these had law degrees. Lots of attorneys will be looking for jobs.

Its a blood bath over there at 63rd & Western today..

They will definitely be outsourcing all of it. I'm sure they are holding into those 10 to manage contractors or move them into he legal department.

[Paseofreak]

Does it strike anyone as odd that DOK/Mewsok has no mention of this?

[Libbymin]

Yeah my buddy in Land Title said that practically his whole department was let go.

[Libbymin]

Does it strike anyone as odd that DOK/Mewsok has no mention of this?

Oh they will for sure, they may wait until it's finalized before they actually publish something though.