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Chesapeake Energy cuts 13% of workforce, mostly at Oklahoma City headquarters

Shares of Chesapeake Energy Corp. sank Tuesday, after the natural gas and oil exploration company laid off 13% of its workforce, primarily at its Oklahoma City campus.

The employees impacted, which numbered about 400, worked in all functions of the company. The cuts left Chesapeake’s workforce at about 2,900.

“The decision to reduce head count did not come easily for the leadership team. Dedicated, value-driven, hardworking people have been affected,” Chief Executive Doug Lawler wrote in a letter to employees. “You have my personal assurance that we are treating these employees fairly, respectfully, and with considerable effort to assist them with their personal and career transition.

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