Chesapeake Energy Corp. on Friday offered buyouts to 275 employees based on a combination of age and years of Chesapeake service.

Eligible employees will have 45 days to consider the offer, the company said.

“This program is designed to give our longer-term employees the chance to benefit from their years of service to Chesapeake while furthering our efforts to maximize corporate performance and maintain our leadership role in this competitive and constantly evolving industry,” said Martha A. Burger, Chesapeake's senior vice president of human and corporate relations.

Chesapeake has been under intense scrutiny from investors and analysts throughout much of the year because of high debt levels and reduced cash flow from lower natural gas prices.