I am very concerned about the layoffs in the industry and at CHK. I just bought a new home and a boat last year. I am hoping that my bonus comes through. I wish I would have not spent so much and saved a little for the rainy days that may be coming. I am ready to sell my overpriced Escalade and just drive my CNG civic. Can anyone give me some insight into the layoffs? I have been here for some time and I am concerned that they will let me go due to my salary.
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Wall Street abuzz. Word is out this company is going to have a huge write down, due to falling oil prices, etc.... It's not going to be pretty. In the mean time stock is falling
I think they started running the numbers for layoffs in early January, heard from a couple people some supervisors were asking for current work as justification for continued employment...sounds like a layoff in the making to me. If they started in early jan planning the layoff, count on it coming probably ed of this month or earlier. They could just do it as part of the performance reviews which is was most of the banks do and just chop off those at the bottom, more likely I could see managers picking and choosing favorites.
Anon 58627: You must be newbie to the industry because Archie was known as the hatchetman at Conoco in the 90's.
I would expect layoffs to happen before bonus time based on other competitors, but almost all the other competitors look like they are getting some type of severance. It will be interesting to see. Archie Dunham at ConocoPhillips wasn't the hack and slash type (but it would be worse without the oct/nov 2012 events, very much a invest in the future, but nothing would surprise anyone. Despite the mud slinging CHK will not go bankrupt, at least short term the new management has ensured you have liquidity for next 3-4 yrs....you all should be thanking southwestern for not going back on that land deal. Overall I wish all of you the best, but know your company is in better shape than most. Hunker down and stack your cash.
We will not layoff 500 people, I wouldn't worry about that magnitude. This is just a good opportunity to clean up departmental idiots. I would expect probably less than 100 people to get the axe.
You might hear about a WARN notice if they intend to layoff 500 or more in a 90 day period, probably a late heads up though
You probably won't know one way or the other about layoffs until the end of February, due to the next earnings call, whenever that turns out to be. Depending on what you read most of the other companies were giving out some type of severance but no gaurantees.
Anyone that likes CHK as it is now is a stupid GD FFFUCK!!!
It just takes a high IQ now
we need a layoff to move out the remaining lazy/deadwood of AKM lovers still at CHK. Please for all of our sake ..... GTFO and go down the street and save some of our jobs! Because - lazy/deadwood works there
If you're adding value....you're probably safe. CHK was left in such shoddy financial shape by AKM.... Thanks to new senior management we have $ in the bank now. So heads down and don't listen to the whiners complaining about loosing the damn bottled water! They need to get on over to AEP!