Chesapeake to lay off 70 in Barnett Shale
Chesapeake Energy said today it will cut 70 employees in North Texas, or about 8 percent of its workforce in the Barnett Shale, as the natural gas producer reduces its activity here.Full Story
#1 Jun 19, 2012
This is just the start. Watch the talent jump ship quick. Chesapeake, the high rolling, ultra high bonus paying company is over. I feel sorry for the landowners that held out for more money.
#2 Jun 19, 2012
I bet the San Antonio office is the next to see lay off's. How long can they keep on drilling uneconomic Eagle Ford wells? Icahn will figure out the reserfes are smoke and mirrors.
#3 Jun 21, 2012
We drill for Chesapeake and I haven't heard anything get in the Permian basin. The ultra high bonus must be for land owners or company men because we sure don't see any of it other than a hat after a 7 day completion.
#4 Jun 25, 2012
Today there is a Reuters story about Aubry engaging in price fixing with Encana. There are over a dozen emails and Rueters calls it not a smoking gun but a smoking H-bomb. This is the end of Aubry McClendon. Jail time is a real possibility.
#5 Jun 29, 2012
It is amazing how quickly the tide turns in this country. The very company, and most of its peers, have improved the way of life for many communities across this country, provided funds for schools, fire and police departments, upgraded road systems, and have improved property values. Is this not a good thing?
There is an abundance of inexpensive natural gas available; however, our Government does not seem to see it important to help the consumer by infusing natural gas into our economy. Why? Isnt this what we should all be asking for?
The number of rigs still operating rigs is still high compared to past cycles. The wages for the rig worker are way above those of a decade ago. With an average of 22 people per rig, plus all the support groups, the impact of even one rig to a community is huge. Isn't this a good thing too?
With regard to the Barnett, drilling was actually in most of the areas prior to new neighborhoods. As the drilling and home building increased, the amount of restrictions on the drilling companies increased. At some point, the restrictions outweigh the potential production. This may be what is happening there now. Not saying that safety an environmental concerns should not be considered, but people should really dig into some of the more "interesting restrictions" prior to judging the industry.
With the economy struggling and unemployment as high as it is, the country cannot afford for any industry / company to close its doors or lay off personnel. Even the loss of one job has a far reaching impact. Shouldn't we support these companies?
#6 Jun 29, 2012
I can tell you why we reject natural gas. Several years ago there was a bipartisan bill out of the House called the natural gas act, intended to jump start the use of natural gas by converting 18 wheelers to Nat gas. It works great and there were tax incentives. There were also infrastructure improvements to the legislation. It was a no brainer. Create jobs, reduce dependence on middle east oil, good for environment....etc. The bill was lobbied out by the Koch Brothers, who own refining interests. The sponsors withdrew their support due to political / money pressure. The bill is dead.
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