Chesapeake Energy Corp. has laid off 200 employees in Oklahoma, the state said on April 15.
Half of the job cuts were at the company's Oklahoma City headquarters and half were in the oil field, according to the Oklahoma Office of Workforce Development.
After years of oil growth, U.S. shale producers are slashing budgets and cutting employees in response to a collapse in oil prices as stay-at-home orders around the globe in response to the coronavirus pandemic keep people from driving and flying.
By December, the reductions could lop off 2.15 million bbl/d from pre-coronavirus production targets, consultancy Rystad Energy said.
"We continue to prudently manage our business and staffing levels to adapt to unprecedented market volatility and challenging commodity prices," said Chesapeake spokesman Gordon Pennoyer.
SandRidge Energy Inc. also will lay off 26 employees in Oklahoma City, it said in an April 15 letter to the state.
Oil field service firms Baker Hughes Co. and Halliburton Co. have also had job cuts announced in Oklahoma this week. Baker Hughes cut 234 employees and Halliburton laid off 33 workers, according to filings with the state.
Chesapeake Energy shareholders on April 13 voted in favor of a reverse stock split, a move that is expected to boost the debt-laden shale producer's share price to avoid a delisting that could trigger calls for some immediate debt repayment.
Recommended Reading
Marketed: Gungnir Resources 30 Permitted Wells in Wyoming
2024-07-30 - Gungnir Resources has retained EnergyNet for the sale of a non-producing interests plus 30 producing wells in Laramie and Platte counties, Wyoming.
Marketed: 30 MW Solar Project in Colorado
2024-08-22 - Solarstone Ltd. has retained EnergyNet for the sale of a late-stage development 30 megawatt (MW) solar PV and 60 MW/180 megawatt-hour battery energy storage system (BESS) project in Kit Carson County, Colorado.
Marketed: Seven Falls Oil and Gas Non-operated CO2 Unit in Mississippi
2024-07-16 - Seven Falls Oil and Gas LLC has retained EnergyNet for the sale of a East Eucutta CO2 unit in Wayne County, Mississippi.
Marketed: Berlin Resources’ Anadarko Basin Opportunity
2024-07-22 - Berlin Resources has retained EnergyNet for the sale of an Anadarko Basin opportunity in the Montgomery 18/19 BO #1H, located in Ellis County, Oklahoma.
Marketed: Wagner Oil 90 Property Packages in Oklahoma, Texas
2024-09-04 - Wagner Oil Co. has retained EnergyNet for the sale of 90 property packages in various counties in Oklahoma and Texas.