Chesapeake Energy lays off 800 employees in restructuring plan

Chesapeake Energy announced Tuesday it has laid off 800 employees as part of the company's restructuring plan.

The company announced it informed the employees in various groups including Land, Operations, IT, HR, Legal, Facilities, A&D, and Finance and Accounting that they will be leaving the company.

In an email to employees, Doug Lawler, Chesapeake's Chief Financial Officer, says the layoffs come as the company works towards organizational restructuring which is targeted to be complete by November 1. Lawler says they offered the employees three months severance pay, 100% acceleration of equity, a lump sum COBRA payment, and outplacement services.

640 of the 800 layoffs will be employees in the Oklahoma City area.