Chesapeake Energy To Layoff Workers After Cutting Drilling Projects (CHK)

Written on Tue, 06/19/2012 - 4:24pm

By SmarTrend Staff

6-19-2012- Chesapeake Energy Corporation(NYSE:CHK) announced that they are going to cut 70 jobs as result of shutting down drilling projects in northern Texas. The move comes in the wake of severe natural gas price declines and as many competitors make similar move to offset narrowing margins. There will also be layoffs at their Fort Worth and Cleburne headquarters, in areas such as public affairs, marketing communication, administrative services, and community relations.

Chesapeake Energy Corporation produces oil and natural gas. The Company's operations are focused on discovering, developing and acquiring conventional and unconventional natural gas reserves onshore in the United States.

Chesapeake stock is currently trading at $18.71 per share, which is currently above its 50-day moving average of $17.27.

Keywords: Chesapeake Energy

Ticker(s): CHK

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