Chesapeake to cut 70 jobs, reduce Barnett workforce to 700
Another Enron on the way??
By Jim Fuquay
Chesapeake Energy said today it will cut 70 employees in North Texas, or about 8 percent of its workforce in the Barnett Shale, as the natural gas producer reduces its activity here.
Chesapeake, the second-largest producer in the Barnett Shale, said it will employ about 700 in the field after the cuts are made. The Oklahoma City-based company has said previously that its peak employment here was about 1,200.
The company also said it plans to relocate about 60 employees in a pipeline subsidiary from Chesapeake Plaza, home to its Fort Worth regional office, to a downtown Fort Worth building. It said that while Chesapeake would entertain offers for the office building, which it bought in 2008 from Pier 1 Imports, it is not listed for sale and the company expects to continue to occupy it.