AM I NEXT? NO LOVE AT OVINTIV

Denver, Colorado-based Ovintiv, one of the largest producers of oil, condensate and natural gas in North America, is continuing its investor-directed divestiture program to reduce outstanding debt. The company recently sold its Eagle Ford operactions, including 42,000 acres with 437 producing wells, to Denver-based Validus Energy for $880 million.

The divestiture will impact apprximately 95 employees, about half the workers at the company's Karnes City, Texas facility communcing July 31, 2021.

According to a company spokesperson, "The Eagle Ford announcement continues our track record of unlocking value from non-core assets." The company has said it expects to achieve its $4.5 billion debt target in the first half of 2022, which could mean additional asset divestitures in the near future.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT SEADRILL

Hamilton, Bermuda-based Seadrill, deepwater drilling contractor for the oil and gas industry thatoperates semi-submersible platforms, jackup rigs and drillships, has announced that its Houston, Texas-based subsidiary will be laying off 162 employees as it idles its West Neptune drilling rig located in the Gulf of Mexico. A process known as "cold-stacking."

According to a statement issued by the company, "The inability to secure additional work for the West Neptune in the face of the current market and other conditions is sudden, unexpected, and outside of Seadrill’s control."

Previously, Seadrill announced that it would 168 workers from the West Auriga Rig and 135 from the Sevan Louisiana Rig in 2020 due to a lack of work. The company is, again, involved in bankruptcy proceedings.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT CHESAPEAKE ENERGY

Oklahoma City, Oklahoma-based Chesapeake Energy Corporation, and shale oil and gas production company, has announced a major post-bankruptcy restructuring that will reduce its headcount by 15%. Approximately 220 employees, located mainly at the company's Oklahoma City headquarters, will be targeted.

According to company CEO Doug Lawler, the company is “resetting our business to emerge a stronger and more competitive enterprise. Approximately 220 employees are affected by this action, and I would like to personally thank them for their service to our company."

A spokesperson adding, “As we prepare to conclude our restructuring, we continue to prudently manage our business and staffing levels to adapt to challenging market conditions and position Chesapeake for sustainable success,"

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?