Who 's with me in believing it's Sept. 22nd? Just getting tired of all the rumors. If it's going to happen come out and say it. Sucks it will be before all the holidays that all these families will have to stress about jobs.
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Thursday the 24th!
The numbers I have heard range from 18-22%, though I am not sure if certain groups will be hit harder than others.
Currently CHK has 5155 employees, 3014 of which are in OKC.
2 weeks from now all the open positions will be filled by other companies that laid off their employees. I feel like 10% won't make a dent and worried that the number is bigger than that.
Hopefully you sold it all while it was still worth a shit
Don't sweat it.... the 2013 cuts were best thing that ever happened to me! Don't leave till they make you so you can take your money. I'm glad I didn't leave early since I took my 10 years of stock with me....
Apply for jobs anyway. If you get an offer better than your current gig, take it.
I just wish it would happen already. If for example I was going to be needing to apply for jobs, I'd rather do it sooner than later.
I think something is going down the 15th.
My boss said in the next two weeks and I think he would know. So all I can say is there are definitely going to be layoffs and it will be this month. The list has already been made and management already knows.
Don't forget the following: never waste a crisis. In other words, blame the reduction in forces on market forces beyond management's control. Et voila, reduced payroll and no higher up is the bad guy.
I agree with 12345. Doug is the one who planted this seed by saying they need to re-evaluate all areas of our business including people. Well, it's time for an official update. Did the evaluation happen? What have they decided- keep us all or get rid of some? If second, then how many, which areas and (at least approximately) WHEN. COP was open about their layoffs. Why wouldn't Chesapeake follow their example and exhibit a true open communication?
Friday the 25th would probably be best, those of us getting cut have the weekend to absorb the loss and the survivors have the weekend to adjust vs coming in the next day with the smell fresh kill still in the air.
Yeah, most investors have only lost 55-75% of their investment during 2015, so I'm sure they are totally content with the current state of performance. Maybe they needed to harvest some tax losses. A layoff of around 10% of the workforce would likely save about $150 million per year in payroll and related expense. While that would not be the biggest number on the P&L, it is hardly chump change as you indicated, even for a billion dollar company.
I wish Doug would tell us to cool our shit and say just one more time, no layoffs are planned OR admit it is happening and when.
The Tuesday rule no longer applies but I'm fine with the 22nd to get this over with.
G&A/BOE is pretty low already (see earnings reports). I don't think there will be layoffs anytime soon. A big layoff wouldn't accomplish much to the bottom line. Sure it would cut some dead weight but it would be small relative to the entire budget and there probably isn't much pressure from investors to do it yet. Most managers have a soul so they tend to avoid layoffs as long as possible.
E&Ps business is structured completely different than Service companies so don't expect the layoffs that all the HALs and SLBs of the world are seeing.
Judging from the endless posts on this site over the past few weeks, I'm betting that nobody on this board knows when it is going down.