Massive Layoffs Reported At Chesapeake Energy

(Thomas Dishaw) The economies great. That’s what they keep telling you. Every sector across the board continues to take hits, Caterpillar to cut 10,000 worldwide, A&P goes bankrupt cutting 5,ooo jobs, HP dumps 30,000, and another 200,000 in the oil collapse. These are all signs of a growing and stable economy…The only job left is actually looking for a job, something these unfortunate workers at Chesapeake energy face.

The Journal Record reports:  As of 2:30 p.m., the company had not released any official information on its website. Vikki Dearing, who is listed as an employer workforce services and state rapid response coordinator at Oklahoma State University-Oklahoma City said the state had received notification of 559 job losses in Oklahoma City. That figure does not include potential cuts in other locations.

Analyst Neal Dingmann said the layoff could be more severe than the company’s October 2013 round, when Chesapeake laid off 800 people, including 640 at its Oklahoma City headquarters.

Low commodity prices likely led to the cuts, said Dingmann, the energy research managing director at Suntrust, Robinson and Humphrey.

More layoffs could come in the oil and gas industry and related service sectors if commodity prices don’t improve substantially and soon, he said. Acquisitions and mergers are also expected in the sector through the end of 2016.