|Chesapeake offers worker buyouts|
|THE WEST AUSTRALIAN, REUTERS|
|Sunday, 16 December 2012 18:55|
Chesapeake Energy Corp has offered buyouts to 275 employees as part of the US oil and gas company's effort to cut costs amid persistent low natural gas prices and heavy debt.
Although Chesapeake is increasing its output of more valuable crude oil from US shale formations, the bulk of its production is natural gas.
Mr Hood's email was first posted on the Oklahoma City blog, The Lost Ogle. The buyout program is aimed at longer-term employees and is entirely voluntary, the company said in a statement on its website. Chesapeake has about 12,600 employees.
For the latest news click here
For the latest Travel features click here
For the latest Food & Drink features click here
Follow myresources.com.au on Twitter