KOCO 5 spoke with Chesapeake Energy CEO Doug Lawler about climbing out of a hole and what comes next.
No more layoffs are expected as part of the bankruptcy plan.
https://www.koco.com/article/chesapeake-energy-ceo-discusses-company-climbing-out-of-financial-hole-whats-next/35465345
You know what is most sickening? That senior leaders were bragging to employees on those dumb internal videos last fall about how much extra $ they were going to have after emerging from bankruptcy because they basically forecast wrong on purpose allowing them to sand bag. They took all employees for id–ts, as if we believed that video bull c-ap. And they took big bonuses for themselves too.. Well I hope they feel like kings now. No remorse. It's disgusting.
I remember the DL phrase to the technical folks,”We are investment advisors,” when he first came to Chesapeake. Then he started fire selling properties, stole all the value out of our stock, hired all his cronies including FP who knew nothing about shale. Then he laid us off all the while being paid millions of dollars. This management team needs to be in prison. Hey BOD! Fire everyone with titles of VP and higher if you want CHK to survive. Otherwise, you will get Ponzi Scheme II starring DL, FP, and all their cronies.
I’m so glad there is a new board with competent energy people on it. Looks very promising. Hopefully they will see through all the b—s— that has been floated down the river for the past decade on where the investment goes.
Instead of fashionable strategy catering to temporal wall street investment appetites, how about they focus on being a business and making money for shareholders? That will probably make too much sense and too much work for anyone with a manager title and above. The brain power to achieve that is also lacking due to the shortage of headspace occupied by their ridiculous egos.
Instead, just dither in indecisiveness and confusing/zero strategy. These id–ts have somehow managed to build a new vessel for rewarding incompetence and failure. Heard they were thinking of a new name. Might I suggest, titanic 2? Hindenburg 2? Concord 2?
VP may stand for vile person. The most evil human being i've ever met in my life has that title, somehow believing a don't text and drive initiative could undo being the worst person on the planet.
I will venture to say that this survival game mentality and male superiority culture is present in most if not all departments there. At least a few directors or above do not appreciate a loud mouthed opinionated female and as such it was impossible to get promoted. It was also easy to play the dumb game to keep the checks rolling in, but not good for your soul long term. The diversity & Inclusion stuff was laughable. Hypocrites.
The survival game in drilling is about loyalty and not making waves. You can still be a hard worker and survive. In both meetings and private convo, just be sure to either agree with the most senior person or keep your mouth shut. Problem solve as team and be mindful how any out of the box thinking may be viewed as dissent. It’s sorta like a cult. And always, always, signal that you’re a super hard worker and talk about how worn out you are, how you worked so hard on this or that, how smart your boss is, etc. Be good at these games, and you will last a long time at CHK. It even requires sometimes throwing others under the bus. You’re a sh#tty person, sure. But you’ll keep your paycheck. At minimum, just STFU and you’ll make it.
And HR and the “Lack of Ethics Group “ will turn a blind eye like they always do.
Anyone in any department who questions anything “his” drilling department is run off. He is a control freak. He back stabs every one to make himself look better.
Here’s a weird question: Why can’t female engineers work in your drilling department? What’s the culture like there?
I’m sure it’s great. Such a champion of diversity.
The remaining VP’s and EVP’s are the sorriest MF’s in the industry.
I wish the person interviewing him had the guts to ask why everything got downsized except his ridiculous salary, watch him fumble his way around that question. How would he even answer that?
Next layoffs will be in October-November. And indeed will not be part of the bankruptcy plan.
He tells us the truth “No more layoffs are expected as part of the bankruptcy plan.”
If you trust the guy that laid off 1000s while lining his own pockets and leaving investors empty handed, with no remorse, you deserve to keep working there and just see how it goes.