Chesapeake Energy Corporation (NYSE:CHK), the second largest natural gas producer, is preparing to implement huge job cuts based on the leaked internal e-mails from its human resource department.
The e-mail indicated that the energy company is planning to lay off around 500 employees at its facility in Oklahoma City within the next 90 days.
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“The layoff will affect certain employees working at the Company’s Oklahoma City Campus facility located at 6100 N. Western Avenue in Oklahoma City, OK. The layoff (when combined with subsequent layoffs, which may occur within the next 90 days at the referenced facility) may affect at least 50 employees and one-third of the employees at the referenced facility or 500 employees at the referenced facility,” said the company in its letter.
Chesapeake Energy Corporation (NYSE:CHK) informed its employees that they are officially terminated from the company 60-days after receiving the letter and notice of termination. The energy company sent the letter and notice to the personal e-mail addresses of its employees.
Affected employees have 45 days to sign: Chesapeake
The energy company said the affected employees will receive compensation for any accrued work, unused PTO on the next regular pay day after their termination, and they will also receive information regarding their rights to choose to continue their coverage under the group health plan.
Chesapeake Energy Corporation (NYSE:CHK) said the affected employees have 45 days to sign and return the necessary documents in the severance packet provided this month in order to receive severance benefits.
“Because of the extension of your employment during this WARN notice period, your signed Severance Benefit Agreement, Waiver of Employment Agreement Payments and Benefits (if applicable) and General Release should now be signed, returned and received by the Company no later than three (3) business days after your termination date,” the company stated.
Chesapeake advised its terminated employees to exercise extreme discretion
Chesapeake Energy Corporation (NYSE:CHK) advised its terminated employees to exercise extreme discretion in their communication with other people regarding their employment situation with the company, and asked them not to copy or forward any portion of the letter/notice unless they received permission to do so.
The company warned that they will forfeit their eligibility for any severance pay and/or benefits if they engage in unauthorized communication regarding the contents of the letter. The warning clearly didn’t work, because the letter has been leaked to the media.
Chesapeake recently abolished its 7-person natural gas vehicle team
Chesapeake Energy Corporation (NYSE:CHK) recently abolished its 7-person natural gas vehicle team. Prior to that, four of its senior executives were laid off as Robert Douglas Lawler, new CEO of the company started re-organizing its top management.