Chesapeake To Reduce Workforce Through Voluntary Separation

Chesapeake Energy announced Friday it will offer a "voluntary separation" program to some employees in order to improve efficiency and reduce costs.

The energy company is offering the program to 275 employees based on their age and years of service. Eligible workers have 45 days to consider the offer. Those who accept will leave Chesapeake by February 2013.

"This program is designed to give our longer-term employees the chance to benefit from their years of service to Chesapeake while furthering our efforts to maximize corporate performance and maintain our leadership role in this competitive and constantly evolving industry," Martha Burger, Chesapeake's Senior Vice President of Human and Corporate Resources, said.