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Chesapeake Energy offering buyouts to 275

February 19. 2013 10:05PM
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According to a release on its website, Chesapeake Energy Corporation announced that it has offered a voluntary separation program to certain Chesapeake employees as part of the company‚??s ongoing efforts to improve efficiencies and reduce costs.

The voluntary program is being offered to approximately 275 employees who meet criteria based upon a combination of age and years of Chesapeake service.

Chesapeake‚??s Marcellus division, Chesapeake Appalachia LLC, has extensive natural gas lease holdings across Northeastern Pennsylvania. According to Department of Environmental Protection well production data, Chesapeake had more than 220 unconventional wells producing gas in Bradford County, 80 in Susquehanna County and six in Wyoming County as of June.

According to the company, eligible employees will have 45 days to consider the offer. Those employees who choose to accept the offer will separate from the company in February 2013. The company retains the right to temporarily delay key employees' departures from the company to ensure appropriate staffing levels to meet business needs.

Martha A. Burger, Chesapeake‚??s Senior Vice President ‚?? Human and Corporate Resources, noted, ‚??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.‚?Ě

The announcement is being made just says after the Associated Press reported the company will sell most of its remaining midstream assets for $2.16 billion as the company aims to strengthen its balance sheet and tighten its focus.

The Oklahoma City company, one of the nation‚??s largest natural gas producers, has been reeling from a combination of historically low natural gas prices and questions from investors about its management. It has been selling off assets to pay off a heavy debt load incurred in recent years as it rushed to buy land and other assets.

Access Midstream Partners L.P. is buying the assets, located primarily in the Marcellus, Utica, Eagle Ford, Haynesville and Niobrara shale plays located throughout the continental U.S.

The deal is expected to close by year-end, the AP reported.

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