These layoffs have nothing to do w/ the divestiture of Eagle Ford assets and everything to do with the upcoming merger with SWN. The company is simply using this opportunity to avoid the larger severance packages they will be required to give out post-merger.
I hope someone challenges CHK on this in court.
Execs giving us what we should get when it's not tied to EF is the only solid they've done.
Are the current severances comparable to those distributed during the bankruptcy in 2020 and 2021?
Wake up folks. They had to say it wasnt merger related because they dont have approval to move forward with the merger yet. That would be too bold to announce merger related stuff when the FTC is taking a hard look at whether to approve it. And now they can announce the next RIF as merger stuff.
Agreed it isn't EF related. Many impacted employees never touched the asset. Not sure what you mean about the packages being different, though. No one knows merger packages.
So what is the severance package? For those of us that will be let go when they call it SWN related reductions.
I’m confused why they would tie this reduction to the Eagle Ford. The only reason to do that logically is if they weren’t going to honor the new severance package, but they did. They should have waited a few months and associated these terminations (cost savings) with the merger to help them hit those synergy numbers they’ve communicated to the street. Now it’s going to be even more difficult to hit those goals. Leadership is playing checkers, and they need to be playing chess.
The severance packages today are essentially the same as they will be for the merger. The execs did us a solid there.