Chesapeake Energy Cuts 562 Positions In OKC

Tuesday, September 29th 2015, 10:50 am

By: News 9

Chesapeake Energy underwent another round of layoffs on Tuesday. Officials announced that 562 positions in Oklahoma City had been eliminated, Tuesday afternoon.

News 9 has learned that in all, Chesapeake cut 740 positions company-wide; roughly 19-percent of their OKC workforce and 15-percent of their total workforce.

Chesapeake employs approximately 3,200 people in Oklahoma City and is the 11th largest employer, according to the Greater Oklahoma City Partnership. They employ 5,500 people in the U.S.

Chesapeake is the second-largest producer of natural gas and the 11th largest producer of oil and natural gas liquids in the United States.

In August the company reported a second quarter loss of $4.11-billion, after reporting a profit in the same period a year earlier.

Chesapeake stock is currently trading just below $7 and has a 52-week high of $25.42 and a 52-week low of $6.01.

Related Link: Chesapeake Energy Timeline

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