In the midst of its divestment of oil assets and pending merger with Southwestern Energy, Chesapeake Energy, a top U.S. natural gas producer, has announced layoffs. The company did not disclose the size or scope of the job cuts [8c1d6c88].
Chesapeake Energy's decision to lay off employees is unrelated to its merger with Southwestern Energy. The company had previously announced its exit from the Eagle Ford shale field in Texas and sold some of its assets to INEOS Energy, with the remaining assets sold to Cimarex Resources [8c1d6c88].
Chesapeake Energy's job cuts come as natural gas producers face challenges due to low prices. The company also missed Wall Street estimates for profit. As part of its merger with Southwestern Energy, Chesapeake will replace its current General Counsel with Southwestern's General Counsel [8c1d6c88].