A massive company in Oklahoma now announces layoffs, affecting 10% of its workforce in the state, approximately 80 employees.
Chesapeake Energy, an Oklahoma City-based energy company, announced mass layoffs affecting approximately 80 employees on Tuesday.
The workforce reduction represents just under 10% of the company’s total staff, with most of the job cuts impacting employees at the firm’s Oklahoma City headquarters.
In a statement, Chesapeake CEO Nick Dell’Osso cited the need to “evaluate our operational cost structure” and “lower our breakeven costs” as drivers behind the difficult decision.
Dell’Osso expressed gratitude for the “loyal and talented employees” impacted by the layoffs while emphasizing the imperative to “act decisively” to improve the company’s competitiveness.
“Loyal and talented employees have been impacted today, and I am grateful for their contributions to our company.
It is extremely important to me that impacted employees are treated fairly, respectfully, and that we support them with their career transition,” the CEO stated.
As of December 31, 2023, Chesapeake Energy had 1,000 employees.
This is a 16.67% decrease from 2022, when the company had 1,200 employees.
59% of the employees are corporate, and 41% are field.
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Other Economy News Today
Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.
First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.
Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.
That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.
The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.
US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.
Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.
Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.
“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”
“Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.
The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.
While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”
Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”
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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia
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