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Natural Gas' 80% Boom Could Be 'Short-Lived.' Here's Why.
Several natural gas producers have curbed production to reduce the oversupply, but they could bring it back quickly, one analyst warns.
Chesapeake Energy Begins Cutting Jobs
Chesapeake Energy (NASDAQ:CHK) Slashes Headcount
US gas giant Chesapeake Energy (CHK.US) plans to start layoffs this week
The Zhitong Finance App learned that Sapic Energy (CHK.US), one of the largest gas producers in the US, said on Monday local time that after completing the divestiture of oil assets last year, the company plans to begin layoffs this week. Some analysts believe this move may be to prepare for “cost reduction” for future mergers and acquisitions, and to optimize the organizational structure to maximize profits before electricity consumption surges in the AI era. Chesapeake Energy said this week's layoffs followed the divestment of Eagle Ford-related assets, not the company's impending merger with Southwestern Energy (SWN.US)
Chesapeake Energy Initiates Lay-offs Following Oil Assets Divestiture
Chesapeake Energy Announces Layoffs Beginning This Week
GLONGHUI, May 21 | US gas producer Chesapeake Energy said the company began layoffs this week after completing the divestiture of its oil assets last year. The company did not state the size and scope of the layoffs. Chesapeake Energy said in 2022 that it would exit the Eagle Ford shale field in southern Texas and become a pure gas producer. In early 2023, the company sold some of these assets to INEOS Energy for $1.4 billion, and sold the remaining assets to SilverBow Resource for $700 million later that year