A manufacturing affiliate of Chesapeake Energy Corporation laid off 98 employees Tuesday, according to News 9 sources.
The company, Compass Manufacturing, L.L.C., was formed in 2007 to supply Chesapeake Energy and MidCon Compression with natural gas production equipment.
The layoffs are the latest in a string of workforce reductions among energy companies that are dealing with a sharp decline in oil and gas prices.
Gordon Pennoyer, Director of Strategic Communications for Chesapeake Energy Corporation, released the following statement,
“Due to the current commodity price environment, Chesapeake subsidiary Compass Manufacturing, L.L.C. released 98 employees from its Oklahoma City manufacturing facility today. Affected employees will receive severance packages and career transition assistance.”