Chesapeake Energy Corp. has laid off 200 employees in Oklahoma, the state said on April 15.
Half of the job cuts were at the company's Oklahoma City headquarters and half were in the oil field, according to the Oklahoma Office of Workforce Development.
After years of oil growth, U.S. shale producers are slashing budgets and cutting employees in response to a collapse in oil prices as stay-at-home orders around the globe in response to the coronavirus pandemic keep people from driving and flying.
By December, the reductions could lop off 2.15 million bbl/d from pre-coronavirus production targets, consultancy Rystad Energy said.
"We continue to prudently manage our business and staffing levels to adapt to unprecedented market volatility and challenging commodity prices," said Chesapeake spokesman Gordon Pennoyer.
SandRidge Energy Inc. also will lay off 26 employees in Oklahoma City, it said in an April 15 letter to the state.
Oil field service firms Baker Hughes Co. and Halliburton Co. have also had job cuts announced in Oklahoma this week. Baker Hughes cut 234 employees and Halliburton laid off 33 workers, according to filings with the state.
Chesapeake Energy shareholders on April 13 voted in favor of a reverse stock split, a move that is expected to boost the debt-laden shale producer's share price to avoid a delisting that could trigger calls for some immediate debt repayment.
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