Chesapeake Business Practices

[pw405]

No news is good news? Or bad news?

[PhiAlpha]

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

[PoliSciGuy]

Here’s your news: https://www.wsj.com/articles/frackin...le_email_share

CHK just filed for Chapter 11

Well that's not ideal

[gopokes88]

Well that's not ideal

Actually kinda is. They needed a clean slate

[chuck5815]

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.

[gopokes88]

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.

Nah. Don’t have good enough assets. No Permian. Eagle ford mostly drilled out. Oklahoma assets even worse. Their nat gas assets are meh given pricing will be forever depressed.

[PhiAlpha]

Well that's not ideal

For them, it’s the closest thing to an ideal situation that they’re going to get.

[pw405]

Here’s your news: https://www.wsj.com/articles/frackin...le_email_share

CHK just filed for Chapter 11

Wow, incredible timing! Haha.... I had no idea! at the time I posted!

[pw405]

Nah. Don’t have good enough assets. No Permian. Eagle ford mostly drilled out. Oklahoma assets even worse. Their nat gas assets are meh given pricing will be forever depressed.

Rumors on Twitter/Stock twits they are shopping Permian bankrupt deals and will try to do another Wildhorse type acquisition.

[gopokes88]

Rumors on Twitter/Stock twits they are shopping Permian bankrupt deals and will try to do another Wildhorse type acquisition.

That wouldn’t surprise me. Companies like oasis, CDEV, Laredo are all in trouble long term.

[Executionist]

And here comes Paycom Arena.

[gopokes88]

Interesting. This could get ugly.

https://mobile.reuters.com/article/amp/idUSKBN2401W7

[chuck5815]

And here comes Paycom Arena.

i would certainly hope that Chad lands on an edgier name than that. if you're going to pay for naming rights, you might as well take the opportunity to virtue signal on a major league level. Bezos sure as hell did.

[PhiAlpha]

Wow, incredible timing! Haha.... I had no idea! at the time I posted!

You smelled blood in the water!

[gopokes88]

Layoffs today.

[Richard at Remax]

All employees told to stay home tomorrow and wait for phone call to see if you get let go. Rumor is 200.

[OKCretro]

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?

[gopokes88]

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?

Probably has been cut way back.

[gopokes88]

https://oklahoman.com/article/567182...rkforce-friday

[thunderbird]

Probably has been cut way back.

I assume, as long as you’ve been there a while you’d get a year of salary but insurance would drop at the end of the month.

[Jersey Boss]

Doesn't the bankruptcy court have to approve of severance packages?

[mugofbeer]

Doesn't the bankruptcy court have to approve of severance packages?

It was probably included in the guidelines.

[Anonymous.]

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)

[Pete]

^

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.

[BG918]

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.