Chesapeake Energy To Cut 15% Of Workforce

By Sue ChangMarketWatch Pulse

Chesapeake Energy Corp. said late Tuesday it reduced its workforce by 15%, or roughly about 800 workers, as part of a cost-cutting plan on weak oil and natural gas prices. The move will result in a one-time charge of $55.5 million in the third quarter, the company said. Shares of Chesapeake were down 0.2% in after-hours trade after closing 1.2% higher to $6.79 during the regular session. The stock is down 65% year to date.

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