Layoffs in geology happening right now
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Having worked with Chesapeake over the past decade, my outsider's opinion is that Chesapeake has always been dominated by engineers, and mostly they think that geologists are useless for improving the bottom line. Expenditures must be initiated and backed by engineers, and they don't tend to listen very well to the G&G staff in Chesapeake. They would rather spend $10 million on some engineering tinkering, rather than $50,000 on a geological study that could result in huge improvements. It has proven to be a recipe for disaster, along with some very unsound financial decisions by upper management. High debt in a low price world with few assets to sell off is a recipe for Chapter 7.
Can you back that clam up? Or is this just an unsubstantiated clam?
The good news is that the ones who are being cut should have been cut along time ago.
Pfft. We can make up the lost income with higher prices at Creekside.
The ratio of geologists/engineers decreasing is a big reason for independents finding themselves in hot water these days. Cause one shale well success means we can drill 1,000 of them, right? Subsurface folks, as it turns out, are pretty important.
Good!