Chesapeake Energy Cuts Staff by 15% Ahead of Bankruptcy Exit

Chesapeake Energy plans to cut 15% of its workforce as the shale-gas pioneer prepares to exit from bankruptcy.

Chief Executive Officer Doug Lawler called the decision “painful” but said the cuts were necessary to execute the company’s new business plan given current commodity prices, according to an email he sent to employees that was seen by Bloomberg. Chesapeake spokesman Gordon Pennoyer authenticated the email.

Once in the vanguard of innovative drillers that cracked the shale code and upended global energy markets, Chesapeake spent much of the past decade struggling to shoulder massive debts incurred by late co-founder Aubrey McClendon. ...