Chesapeake Energy Lays Off Nearly 100 Employees

As Oklahoma City-based Chesapeake Energy prepares for a big merger with Southwestern Energy, nearly 100 employees received notice they've been laid off. 

The top U.S. natural gas producer began laying off employees this week after selling off its oil assets last year. 

Those assests inlude Chesapeake's Eagle Ford assests in south Texas. 

The company said in 2022 it would exit the shale field to become a purely natural gas producer

Some of those assets were sold in 2023 for nearly $1.5 billion.

The rest were sold later in that year for another $700 million. 

Chesapeake is completing a $ 7.4 Billion merger with Southwestern Energy that should close later this year. Chesapeake says the layoffs affect 80 employees. However, the cuts are not due to the company's pending merger with Southwestern Energy.

Natural gas prices have been low this year falling 20 percent in the first quarter due to high inventory and lower-than-expected demand. Chesapeake missed Wall Street profit estimates and has curtailed production in response - like many other companies.