And unemployment is still holding at 5.1 percent right? If 94M are out of work and there are 310M in the U.S. its obvious the Department of Labor is using Common Core math to arrive at its answer.
Gotta love that Obama economy.
At first glance, that number seemed too low. It is probably correct; they had earlier split the company nearly in half. From their 2014 annual report:
Chesapeake had approximately 5,500 employees as of December 31, 2014 compared to approximately 10,800 employees as of December 31, 2013. As a result of the spin-off of our oilfield services business in June 2014, we experienced a reduction of approximately 5,100 employees.
http://www.chk.com/Documents/media/publications/annual-report-2014.pdf
Page 20
I retired from oil and gas. Last 6 years were with Chesapeake. Retired before Aubrey left. Still have a lot of that stock. The slumping industry is really a hit for the Oklahoma City economy.
I see the frac sand draining through the hourglass. The energy and oilfield players are going to look a lot different on the other side of this slump.
And US oil companies are still importing billions of dollars of oil from the Middle East and Africa, when our domestic oil and gas industries are suffering. Worse, we have Jimmah Carter era laws forbidding the export of our own oil. It’s a wonder we have survived our rotten government this long.
First ones cut are the growth-oriented professionals like explorationists, drillers and new-acreage landmen. Keep a small core of experience and let go the new and highly-paid.
No growth for awhile, so companies hunker down on making the cashflow to pay the bills.
So 740 full time jobs will go bye-bye, but a couple thousand part-time retail/barista/cashier/hamburg flipper jobs will be created. Net increase of a couple thousand jobs. The obam will crow and strut about this “accomplishment.”