Chesapeake Energy to offer buyouts to 275 employees

Chesapeake Energy Corp.

Oklahoma City-based oil and natural gas company Chesapeake Energy Corp. (NYSE:CHK) has offered a voluntary separation program to certain Chesapeake employees as part of the company’s ongoing efforts to improve efficiencies and reduce costs. The voluntary program is being offered to approximately 275 employees who meet criteria based upon a combination of age and years of Chesapeake service.

Eligible employees will have 45 days to consider the offer. Those employees who choose to accept the offer will separate from the company in February 2013. The company retains the right to temporarily delay key employees' departures from the company to ensure appropriate staffing levels to meet business needs.

Martha A. Burger, Chesapeake’s senior vice president – Human and Corporate Resources, noted, “This program is designed to give our longer-term employees the chance to benefit from their years of service to Chesapeake while furthering our efforts to maximize corporate performance and maintain our leadership role in this competitive and constantly evolving industry.”

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