Oil and gas company to cut jobs and cut jobs, shut down plants, reduce workforce

Jun 21, 2021 Author Services

The largest oil and gas producer in Pennsylvania will lay off 50 percent of its workforce and close at least one plant, including two new ones in western Pennsylvania.

Cleveland-based Chesapeake Energy Corp. said it will shutter three plants in western Pennsylvanian counties and another one in northern and western Delaware.

The companies plans to cut about 100 employees and eliminate about 4,000 jobs.

The company said the layoffs and shutdowns will save the company about $8.4 billion a year in annual costs.

Chesapeake said the plants will shut down in the fourth quarter, when the company expects to record a $5.9 billion loss.

It said it would close one of the plants in Western Pennsylvania. 

The company will also shut down one of its coal plants in Delaware and another in southern Pennsylvania.

The layoffs are part of a sweeping effort by Chesapeake to shrink its workforce, which has grown by more than 15,000 people since the company was acquired by a consortium led by BP Plc in 2010.

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