A report by research analyst of Grubb & Ellis/Levy Beffort, Julie Anewalt mentioned four possible outcomes for Chesapeake Energy Corporation (NYSE:CHK), after Founder and chief executive officer Aubrey McClendon exited the company.

The report mentions that the time will be challenging for commercial properties and retailers in the Western Avenue corridor where the company has put millions in shopping centers, restaurants and shops.

Chesapeake Energy Logo

First Scenario: No changes at Chesapeake

In the first scenario Anewalt described that Chesapeake Energy Corporation (NYSE:CHK)’s spending habit will change, and the purchasing spree will come down radically, even without ownership changes. According to the report, the company has given a clear picture to the shareholders that it intends to focus more on its core business of oil and gas.

The report says that there would be some impact on the stores around the Chesapeake campus due to fewer employees and pay cuts.

Second Scenario: Chesapeake sold in whole, but some operations remaining in Oklahoma City.

In this scenario, Anewalt holds the view that there would be job slashing through attrition, early retirement and some layoffs. However, this action of will not create an increase in unemployment as the jobs would be absorbed by other energy companies in the area.

Third Scenario: Chesapeake split up and sold to several companies.

According to the report, this scenario will affect the Oklahoma City’s economy most and real estate markets.

“Significant layoffs are possible. Those still employed with the company could be forced to leave the metro to follow job opportunities. Some, but not all, of the positions would be back-filled by other energy companies in the area” says the report.

In this scenario, there will be a greater number of layoffs, unemployment and reduced wages. The entire retail market will be reeling under pressure from the brunt of the renunciation likely to be suffered by merchants in Nichols Hills and near the corporate campus. High-end stores across the city would also face decline in sales.

Fourth Scenario: Aubrey McClendon creates a new oil and gas company and Chesapeake Energy remains based in Oklahoma City.

“Industry analysts believe it is unlikely that McClendon will leave the energy sector,” Anewalt wrote.

According to The Oklahoma, Aubrey McClendon is not able to enter the energy Industry until June 2017, after all of Chesapeake Energy Corporation (NYSE:CHK)’s division payments have been made, and the six month non-compete period has been fulfilled. However, this timetable is expected to be presented sooner.

According to report, under this scenario the city will have five large energy companies: Devon Energy Corp (NYSE:DVN), Chesapeake Energy Corporation (NYSE:CHK), Continental Resources, Inc. (NYSE:CLR), SandRidge Energy Inc. (NYSE:SD) and McClendon’s new company. The impact of McClendon Company and Chesapeake surviving on the retail and commercial development cannot be predicted.