Chesapeake cuts over 700 jobs
Friday, October 2, 2015
The Wall Street Journal reports that Oklahoma City-based Chesapeake Energy Corp. has laid off 740 of its employees as of Sept. 29.
The cuts represent 15 percent of the company’s employees. Chesapeake is one of the largest oil and gas companies in the United States.
Low oil prices have forced the company to cut back on the number of rigs and slash capital expenditures. Chesapeake Chief Executive Doug Lawler has been trying to pay down debt since he took the position after Aubrey McClendon stepped down in 2013.
Via: The Wall Street Journal > Chesapeake Energy Cuts 15% of Jobs
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.