They were also able to renegotiate midstream contracts which will free up additional cash.
Doug Lawler is pretty young too, I’d be surprised if he wanted to sell it. Hard to find another job after that.
They were also able to renegotiate midstream contracts which will free up additional cash.
Doug Lawler is pretty young too, I’d be surprised if he wanted to sell it. Hard to find another job after that.
Chesapeake is set to emerge from bankruptcy February 8th
They just sent an email to employees announcing 220 more job cuts.
Impacted personnel will be notified by phone tomorrow morning.
Another empty building?
They had already stated their intentions to consolidate employees to the west side of Classen (all the smaller, mainly brick buildings) and then market all the big buildings and a parking garage or two for sale or lease.
So, I don't believe this changes anything.
My understanding is that campus consolidation is already planned and should be relatively complete this summer.
Then, we'll see if they can find interested parties for most everything east of Classen.
Oh how the mighty have fallen. Really sad when you think of where they were not just 15 years ago.
CHK has emerged from CH11. New stock will start trading tomorrow.
(All the old stock was cancelled, hope you sold)
Good start for the new stock. up almost 7%. $4.6 billion market cap. Puts them between Cimarex and EQT value wise.
https://finance.yahoo.com/quote/CHK/
APRIL 27, 2021
Chesapeake CEO Lawler to step down months after bankruptcy exit
By Reuters Staff
(Reuters) - Chesapeake Energy Corp said on Tuesday that Chief Executive Officer Doug Lawler would leave at the end of April, just months after the company emerged from a highly watched bankruptcy reorganization.
Once the second-largest U.S. natural gas producer, Chesapeake filed for court protection last June, reeling from overspending on assets and a sudden decline in demand and oil prices spurred by the COVID-19 pandemic.
It emerged from bankruptcy in February, through a plan that saw it shedding about $7.7 billion in debt.
Lawler took the reins at Chesapeake in 2013 after the company’s wildcatter founder Aubrey McClendon stepped down amid investigations into possible antitrust violations. McClendon died in a car accident in 2016.
In an interview with Reuters in February, Lawler had said the company was unable to invest enough in operations to turn a profit while simultaneously paying down $9 billion in debt, and that “led us to make decisions that weren’t always the best”.
The company said on Tuesday board chair Mike Wichterich would serve as interim CEO, while it searches for a permanent replacement.
Wichterich intends to continue in his role as chair after a new CEO is appointed in the “coming months”, Chesapeake said in a statement.
While Wichterich handles the additional role of interim CEO, Matt Gallagher will be lead independent director, the company said.
All of the buildings east of Classen are now empty, apart from the child care center and the core lab. The latter doesn't have many/any employees but they store core samples there.
That is a ton of empty office space.
I haven't heard a peep about who may be taking it over, especially since CHK wants a development partner to take all of it as well as all that undeveloped land.
For a while, the state was interested but that seems to have died.
Any idea what the maximum # of employees for the company was?
I'm seeing 1300 total currently, not all office workers though
They should market that campus to some crypto companies, along with a big city/ state subsidy and tax deferral.
Maybe a bad idea actually, when looking at crypto companies, many are embracing remote first approaches.
Who is needing a sprawling physical campus these days?
Maybe a Hobby Lobby type of indoctrination college would work in this part of the country.
Chesapeake buying Haynesville producer Vine Energy. Great news. Probably not much in terms of adding jobs in okc, but also means they are the one looking to acquire. Not being acquired. http://www.rbcrichardsonbarr.com/Ind...PR_____DA71736
This isn't the thread for this, but does anyone know when the Christmas lights are supposed to come on? We drove by at sundown and they weren't on, but Whole Foods had theirs on...
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