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Chesapeake Lays Off 70 North Texas Workers

By Ben Lefebvre and Daniel Gilbert Chesapeake Energy Corp. (CHK) will lay off 70 workers in its North Texas office as low natural gas prices force the company to trim production in the region, the company said Tuesday. The layoffs, representing 8% of Chesapeake's work force in Fort Worth and Cleburne, Texas, come as Chesapeake struggles to balance its books after years of spending on land leases. With natural-gas prices only recently rebounding from a decade low, the Oklahoma-based company has sold $6.6 billion in assets so far this year in the hopes of cutting its long-term debt to $9.5 billion. The layoffs were "not a surprise, given historic low natural gas prices and our company's strategy to redeploy assets to more economically promising fields," Chesapeake said in a letter to employees announcing the layoffs. Write to Ben Lefebvre at ben.lefebvre@dowjones.com

Stock News for Chesapeake (CHK)
DateTimeHeadline
12/06/201620:51:00Chesapeake Energy Corporation Announces Pricing And Upsizing...
12/06/201608:04:00Chesapeake Energy Corporation Announces Cash Tender Offers For...
12/06/201608:02:00Chesapeake Energy Corporation Announces Cash Tender Offers For...
12/06/201607:59:00Chesapeake Energy Corporation Announces Private Placement Of...
12/05/201607:00:00Chesapeake Energy Corporation Announces Agreement To Sell First...
12/02/201618:07:00Rosen Law Firm Reminds Chesapeake Energy Corporation Investors...
12/02/201616:05:00Chesapeake Energy Corporation Announces Changes To Board Of Directors
11/25/201609:30:00INVESTOR ALERT: Levi & Korsinsky, LLP Reminds Shareholders of...
11/23/201610:26:00CHK ALERT: Rosen Law Reminds Chesapeake Energy Corporation Investors...
11/21/201610:28:00CHK SHAREHOLDER ALERT: The Law Offices of Vincent Wong Reminds...
11/15/201609:46:00CHK INVESTOR ALERT: The Law Offices of Vincent Wong Reminds Investors...
11/11/201618:32:00EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class...
11/11/201610:51:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Reminds Shareholders...
11/09/201614:33:00CHK SHAREHOLDER ALERT: The Law Offices of Vincent Wong Notifies...
11/07/201611:50:00EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class...
11/06/201608:00:00DEADLINE ALERT: Brower Piven Alerts Shareholders Of Upcoming...
11/03/201608:50:00Chesapeake Energy Results Not as Bad as Feared
11/03/201608:35:00Chesapeake Energy Results Not as Bad as Feared, Shares Higher
11/03/201607:00:00Chesapeake Energy Corporation Reports 2016 Third Quarter Financial...
10/28/201617:46:00Lifshitz & Miller Law Firm Announces Investigation of Alnylam...

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