Chesapeake To Reduce Workforce Through Voluntary Separation

Chesapeake Energy on Friday announced buyouts to approximately 275 employees at its Oklahoma City headquarters and in the field.

Employees were chosen based on age and years of service, according to a Chesapeake news release. Eligible employees have 45 days to respond. Those who accept the offer will leave in February.

Martha Burger, Chesapeake's senior vice president of human and corporate resources, said the buyouts were intended to give more senior employees the opportunity to "benefit from their years of service to Chesapeake" while maximizing the company's performance and position in the oil and gas industry.

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Chesapeake employs more than 13,000 people nationwide and nearly 5,000 in Oklahoma City. The company has been under scrutiny from investors for much of the year because of lavish spending, low natural gas prices and CEO Aubrey McClendon's participation in company-drilled wells.

Chesapeake stock was down $0.03 to $16.65 at 11:15 a.m. Friday.