Both companies had about half as many employees as Chesapeake, despite much larger market capitalizations.
Chesapeake had more than 13,000 employees at that time, but its most recent annual report in April set the count at about 12,000. The company had more than 4,700 employees in Oklahoma City as of Jan. 31, according to a report it provided to the city in March.
Lawler pledged to stay in communication with employees.
“We are working diligently to manage this process in a professional and thoughtful manner. My commitment to you is to maintain the values of our company — specifically integrity, trust, transparency, and open communication. I assure you that we will share information as quickly and appropriately as possible throughout this process,” Lawler said in Tuesday’s email.
“Change is not easy, but the future success of Chesapeake requires that all of our resources, including employees, assets, strategy and values, are aligned to secure our position as a top performing oil and gas company.”
Chesapeake shares added 64 cents, or 2.4 percent, Tuesday to close at $27.16 on the New York Stock Exchange. The stock price is up 29 percent since Lawler became CEO on June 17.