Natural Gas Giant Chesapeake Begins Layoffs

Chesapeake Energy this week started laying off employees following the divestment of its assets in the Eagle Ford play, Reuters reported, citing the company. Also according to the company, the layoffs had nothing to do with its $7.4-billion merger with Southwestern Energy.

4 billion worth of Eagle Ford assets to Ineos Energy and another $700 million worth of assets in the shale play to SilverBow Resources. Chesapeake reported robust financial figures for 2023, with the net result at a respectable $2.4 billion, down from $3.5 billion in 2022. This year, however, has been weaker because of the slump in U.S. natural gas prices.

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