Chesapeake Energy to cut 15% of workforce

Oklahoma City-based Chesapeake Energy Corp. announced it would reduce its workforce by 15 percent to cut costs amid low prices for crude and natural gas.

The company has around 5,000 employees, meaning around 740 would be laid off. Some 560 of those would come from its home office in Oklahoma.

Chesapeake Energy expects to post third-quarter of $55.5 million related to the move.

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