Chesapeake Lays Off 70 North Texas Workers

Date : 06/19/2012 @ 4:40PM
Source : Dow Jones News
Stock : Chesapeake Energy Corp. (CHK)
Quote : 4.7  0.01 (0.21%) @ 10:15AM

Chesapeake Lays Off 70 North Texas Workers

Chesapeake (NYSE:CHK)
Historical Stock Chart

5 Years : From Jul 2012 to Jul 2017

Click Here for more Chesapeake Charts.
   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

Latest CHK Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.