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Shale co. offering buyouts

February 19. 2013 10:09PM
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Chesapeake Energy Corporation, one of the largest players in the Marcellus Shale natural gas drilling industry, announced Friday it will offer retirement incentives to approximately 275 employees.

The voluntary program is being offered to employees who meet criteria based upon a combination of age and years of service with the company, Chesapeake said in a release Friday.

The message follows an announcement Tuesday that the company would sell off the remaining majority of its midstream, or pipeline, assets for $2.16 billion. Those assets are located mostly in the Marcellus, Utica, Eagle Ford, Haynesville and Niobrara shales.

Earlier in the year the company sold off pipeline holdings in Oklahoma and Texas for approximately $175 million as part of an exit strategy from the pipeline business.

It also follows a year of low natural gas prices, brought on by a glut of natural gas harvested from North American shale deposits.

According to Department of Environmental Protection well production data, Chesapeake had more than 220 unconventional wells producing gas in Bradford County, 80 producing wells in Susquehanna County and six in Wyoming County as of June.

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