AM I NEXT? NO LOVE AT CHESAPEAKE ENERGY

Oklahoma City, Oklahoma-based Chesapeake Energy Corporation, and shale oil and gas production company, has announced a major post-bankruptcy restructuring that will reduce its headcount by 15%. Approximately 220 employees, located mainly at the company's Oklahoma City headquarters, will be targeted.

According to company CEO Doug Lawler, the company is “resetting our business to emerge a stronger and more competitive enterprise. Approximately 220 employees are affected by this action, and I would like to personally thank them for their service to our company."

A spokesperson adding, “As we prepare to conclude our restructuring, we continue to prudently manage our business and staffing levels to adapt to challenging market conditions and position Chesapeake for sustainable success,"

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT BOOMERANG TUBE

Chesterfield, Missouri-based Boomerang Tube, a producer of pipe and tubing producs for the oil and gas industry, has announced that it will be laying off 185 employees, including 50 salaried employees and 135 hourly workers, at its Liberty, Texas production facility.

The 500,000 square foot Liberty, Texas facility houses heat treat capability of 300,000 tons per year and two Electric Resistance Welding mills with 480,000 tons of annual capacity for ERW pipe. We offer full in-house finishing with two PMC and CNC thread lines along with a dedicated Semi-Premium thread line, and our high-speed hydrostatic testers keep up with mill speeds and assure quality. The Liberty facility also boasts two full length, full body phased array ultrasonic inspection units and advanced threading capabilities.

The company was majorly affected by the global downturn in oil and gas production and the pandemic-induced reduction in the use of petroleum products.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT SABLE PERMIAN RESOURCES

Houston, Texas-based Sable Permian Resources, an independent Permian-based oil and natural gas company, has announced that it will lay off all 180 employees, including executives, as a consequence of its billion-dollar bankruptcy filing. Layoffs will commence in early February, 2021.

“Due to their quickly declining financial liquidity positions and upcoming debt payments, the debtors (Sable and its subsidiaries) were left with no viable option other than to commence these Chapter 11 cases.

It appears that a Court-approved restructuring plan would transfer ownership of the company to its creditors in exchange for debt forgiveness and the new owners have decided they will maintain and exploit the company's assets through a new operator.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?