And then there’s this –attached.
From: ec-bounces@osenergy.org [mailto:ec-bounces@osenergy.org] On Behalf Of James Kotcon
Sent: Thursday, December 20, 2012 7:25 PM
To: ec@osenergy.org
Subject: [EC] Chesapeake announces personnel reduction
I just saw this from Friday and found it ironic. Chesapeake cuts 275 jobs and sells Marcellus assets.
But this week, the WV Chamber of Commerce predicts 58,000 new jobs in WV gas industry. Do you suppose the Chamber was paying attention to what Chesapeake actually does, or just their PR?
JBK
>>> "Donald C. Strimbeck" dcsoinks@comcast.net> 12/15/2012 4:19 AM >>
THE STATE JOURNAL
Posted: Dec 14, 2012 2:51 PM EST Updated: Dec 14, 2012 2:51 PM EST
Chesapeake Energy Corp. is looking to cut its work force by 275 employees.
Buyouts are being offered to employees who meet criteria based on a combination of age and years of Chesapeake service, the company said in a news release.
The company did not give specific reasons for offering the buyouts other than to further its efforts "to maximize corporate performance and maintain our leadership role in this competitive and constantly evolving industry."
On Dec. 11, Chesapeake announced that it had agreed to sell most of its remaining midstream assets in the Marcellus, Utica, Eagle Ford, Haynesville and Niobrara shale plays to Access Midstream Partners for about $2.16 billion. The sale includes "new market-based gathering and processing agreements covering various acreage dedication areas," according to the announcement. The sale is expected to close by the end of this month.
Chesapeake also said it had completed the sale of other midstream assets in Oklahoma and Texas during the 2012 fourth quarter for about $175 million. Also, Chesapeake said it anticipates completing the sale of its remaining midstream assets by the end of the 2013 first quarter for approximately $425 million, bringing the total of current and anticipated midstream asset sales to $2.75 billion.
Don Strimbeck, Sec/Treas
Upper Mon River Assoc
UpperMon.org
MonRiverSummit.org
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109 Broad Street, P. O. Box 519
Granville WV 26534-0519
304-599-7585 (fax 4131)
dcsoinks@comcast.net
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