Chesapeake Energy Corporation, based in Oklahoma City, has laid off around 800 employees. This continues CEO Doug Lawler plan to restructure Chesapeake to be a “sustainable, enduring” enterprise.
This cut down continues a restructuring process Lawler outlined when he joined Chesapeake as CEO in June of this year.
“By scaling E&P [exploration and production] support services, reducing management layers, and aligning resources with a sharpened focus on accountability and efficiency, we have created a business built to deliver a sustainable and profitable future,” said Lawler in an Oct. 8 letter to Chesapeake employees.
The layoffs reached workers in all divisions including land, operations, IT, human resources, legal, facilities, A&D, finance, and accounting.
Workers were offered severance packages that included three months’ pay, outplacement services, and 100% acceleration of equity,
Lawler came to Chesapeake after serving as senior VP of international and deepwater operations at Anadarko Petroleum.