Chesapeake announces personnel reduction - Business, Government Legal News from throughout WV

Chesapeake announces personnel reduction

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Chesapeake Energy Corp. is looking to cut its work force by 275 employees.

Buyouts are being offered to employees who meet criteria based on a combination of age and years of Chesapeake service, the company said in a news release.

The company did not give specific reasons for offering the buyouts other than to further its efforts "to maximize corporate performance and maintain our leadership role in this competitive and constantly evolving industry."

On Dec. 11, Chesapeake announced that it had agreed to sell most of its remaining midstream assets in the Marcellus, Utica, Eagle Ford, Haynesville and Niobrara shale plays to Access Midstream Partners for about $2.16 billion. The sale includes "new market-based gathering and processing agreements covering various acreage dedication areas," according to the announcement. The sale is expected to close by the end of this month.

Chesapeake also said it had completed the sale of other midstream assets in Oklahoma and Texas during the 2012 fourth quarter for about $175 million. Also, Chesapeake said it anticipates completing the sale of its remaining midstream assets by the end of the 2013 first quarter for approximately $425 million, bringing the total of current and anticipated midstream asset sales to $2.75 billion.

 

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