Oklahoma-based Chesapeake Energy Corp. laid off 15 percent of its workforce today, or more than 800 employees.
The company said the move was “part of an overall plan to reduce costs and better align its workforce with the needs of the business and current oil and natural gas commodity prices.”
Chesapeake was the most prolific natural gas producer in the Marcellus Shale in Pennsylvania last year. The layoff will impact 14 jobs in Pennsylvania, the company said. The majority of the jobs lost will be in Oklahoma.
Two years ago this month, the company had a similar layoff which resulted in 900 fewer employees at the company.
Chesapeake’s stock price closed at $6.79 on Tuesday, down 40 percent over the past three months.
Anya Litvak: firstname.lastname@example.org or 412-263-1455.