Chesapeake Energy Corp. is laying off 800 workers across the company, including 640 at its home base of Oklahoma City.
The company says the Tuesday layoff announcement is necessary to keep the oil and natural gas specialist competitive.
Chesapeake CEO Doug Lawler told The Oklahoman that he's working to keep the company vibrant for "decades to come."
About 1,200 people have left jobs with Chesapeake since the start of 2013.
Lawler says Chesapeake has spent the last several months examining all aspects of its business. He says that process is now over and the company will continue with exploration and production.
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