Chesapeake Energy Corp., the Oklahoma City-based oil and natural gas producer, laid off 86 people in 11 different departments, CEO Doug Lawler said in an email Tuesday to employees.
“These individuals have played an important role in the growth of our company, and we worked hard to ensure that each was treated with integrity and respect throughout this process,” he said.
Chesapeake has more than 12,000 employees, according to its most recent annual report in April. 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.
Tuesday's cuts involved employees in departments ranging from administrative services and communications to human relations and information technology, according to Lawler's email to employees. The company did not specify how many worked in Oklahoma City.
“I fully recognize the difficulty and stress associated with the transformation process,” Lawler wrote. “I assure you that we are working as quickly as possible to improve and position Chesapeake for future success.”
Lawler said Chesapeake remains on track to complete its reorganization by Nov. 1.
“The new organizational structure is vital to the long-term health of our company, and it will continue to leverage the many positive aspects of Chesapeake's culture, including our agility, speed, and collaborative work environment,” he said. “The new structure is also designed to break down silos and increase accountability throughout the organization, while driving standardization, efficiency, and continuous improvement.”
Chesapeake's stock was unchanged Tuesday, closing at $26.38 a share. The stock is up 25 percent since Lawler took over on June 17.