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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
09/30/201603:03:00Gas Firm Gets Data Request -- WSJ
09/29/201618:50:00Chesapeake Energy Corporation Announces Pricing And Upsizing...
09/29/201617:28:00INVESTOR ALERT: Goldberg Law PC Announces an Investigation of...
09/29/201617:13:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces an Investigation...
09/29/201615:57:00SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces...
09/29/201615:33:00SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On...
09/29/201615:30:00Chesapeake Energy Reveals Subpoena
09/29/201615:09:00Chesapeake Energy Gets Subpoena Seeking Accounting Information
09/29/201609:51:00U.S. Hot Stocks: Hot Stocks to Watch
09/29/201607:33:00Chesapeake Energy Corporation Announces Private Placement Of...
09/28/201619:20:00Carl Icahn Cuts Stake in Transocean
09/27/201607:00:00Chesapeake Energy Corporation Announces Final Results Of Cash...
09/19/201618:49:00Carl Icahn Sells More Than Half of Chesapeake Stake -- Update
09/19/201618:10:00Carl Icahn Sells More Than Half of Chesapeake Stake
09/19/201618:03:00Carl Icahn Sells More Than Half of Chesapeake Stake
09/18/201621:00:00Oklahomans Turn Out for Auction of McClendon's Wines
09/18/201616:49:00Oklahomans Turn Out for Auction of Aubrey McClendon's Wines
09/13/201607:00:00Chesapeake Energy Corporation Announces Final Results Of Cash...
09/13/201607:00:00Chesapeake Energy Corporation Announces Extension Of Expiration...
09/10/201603:02:00France's Total Expands in Texas -- WSJ

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