OKLAHOMA CITY (KFOR) – Officials with Chesapeake Energy say they are restructuring, which has resulted in hundreds of layoffs.
In an email to Chesapeake employees, CEO Doug Lawler said that the restructuring process began last summer in order to help the business “emerge a stronger and more competitive enterprise.”
Lawler says in order to continue to strive toward efficiency, the company will be reducing its workforce by approximately 15%. Most of those layoffs are occurring in Oklahoma City.
“Approximately 220 employees are affected by this action, and I would like to personally thank
them for their service to our company,” the email stated.
The email said that all of those who are affected by the layoffs will be notified by midday on Thursday.
Affected employees will be eligible to receive a severance package including a cash payment, final cash installment of the 2020 bonus program, and optional career transition assistance.
“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,” a statement from Communications and Investor Relations Director Gordon Pennoyer read.