No news is good news? Or bad news?
No news is good news? Or bad news?
Here’s your news: https://www.wsj.com/articles/frackin...le_email_share
CHK just filed for Chapter 11
After shedding $7B in debt, these dudes might actually be an interesting acquisition for someone.
But hopefully not for OKC’s sake. The CRE and labor markets already have enough structural issues as it is.
And here comes Paycom Arena.
Interesting. This could get ugly.
https://mobile.reuters.com/article/amp/idUSKBN2401W7
Layoffs today.
All employees told to stay home tomorrow and wait for phone call to see if you get let go. Rumor is 200.
They used to give pretty decent compensation packages, are they still doing that? Like 3 months salary and 10 months of healthcare or is that a thing of the past?
Doesn't the bankruptcy court have to approve of severance packages?
So the 200 laid off last week was 15% of the workforce. That is surprising to me that there is even that many still there.
I am surprised there hasn't been a severance package leak by now. (or at least I haven't seen/heard of it)
^
If 15% is 200, then the total number of employees was about 1,300 and after the most recent layoffs down to approximately 1,100.
That is total employees, not just on the OKC campus.
OKC campus now has under 1,000 people working there, down from over 5,000 several years ago.
The slow, steady drip of job losses from SandRidge, CHK and Devon has ended up being a massive total, and that is not counting the dozens of other O&G firms like Chaparral, Echo, Tapstone and many others.
And then there are the related companies (midstream, field equipment)...
It's all just played out over several years rather than one big jolt.
Curious where all of the high-income earners at those companies now work? I'm sure some left OKC but many probably went into a different sector.
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