Dear Chesapeake Employees:
As you are fully aware, the current commodity price environment continues to be a challenge for our industry and for Chesapeake. Over the past year, we have taken significant actions in response to the low commodity prices by reducing our costs and decreasing our capital spending.
Today, as part of our continued efforts to address this pricing environment head on, we released approximately 15% of our employees across all functions of the company. While this was extremely difficult, we are acting decisively and prudently to enhance the long-term competitiveness and strength of Chesapeake.
I am grateful for the contributions of each affected employee, and it was extremely important to me that each employee was treated professionally and respectfully. As such, eligible employees will receive severance packages and career transition/outplacement assistance.
As I have said in the past, we must remain focused on building an enduring, resilient and profitable enterprise -- one that can flourish in any commodity price environment. Thank you for your efforts and dedication toward that goal.
First-Last Black Ink
Doug Lawler
Chief Executive Officer
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