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Several Companies Cut Workforce in Oklahoma as Activity Plummets

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   |    Friday,April 17,2020

Several operators active in Oklahoma have cut their workforces based in the region as market instability brings MidCon activity to historic lows, according to letters filed with the Oklahoma Office of Workforce Development and multiple media reports.

Chesapeake Energy Corp., SandRidge Energy Inc. and Baker Hughes have all initated lay-offs in recent days amounting to approximately 450 employees.

Chesapeake Axes 200 Jobs

Chesapeake Energy Corp. has cut 200 people from its workforce in Oklahoma, according to a report by Reuters.

The lay offs affected both corporate and field workers and were relatively even, each seeing about 50% (or 100 jobs lost) of the total.

The company has been under mounting financial pressure due to its existing debt load, which was put under further strain due to the recent market instablility.

In mid-March 2020, Chesapeake tapped debt advisors to help it explore its options. Shortly thereafter, in April 2020, the company's shareholders >voted to enact a reverse stock split.


Baker Hughes Lays Off Over 200 Employees

Baker Hughes cut 234 employees at its campus in Oklahoma City. However, the company noted that further lay offs may be implemented if the market volatility continues.

In the document filed with the state, the company stated: "Baker Hughes is responding as rapidly as possible to these conditions. In order to meet these rapidly changing unforeseeable business conditions, we are making the difficult business decision to reduce our staffing levels for some locations in the U.S."

SandRidge Initiates 'WARN Leave'

SandRidge has placed 26 employees on "WARN leave." Current salaries and benefits for the affected workers will be active util June 14, 2020, unless the employee voluntarily leaves the company before that time.

This is in addition to the over 60 employees who were notified in February 2020 that they would be let go on April 3, 2020.

Other details on its "WARN leave" policies were not immediately clear. Currently, the company had 270 active employees as of its most recent SEC filing (per SeekingAlpha).




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