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Chesapeake Energy said Thursday that it will move or eliminate about 215 positions from its Charleston, W. Va., office in an attempt to cut costs amid tightening credit markets and falling energy prices.
The nation's largest natural gas producer plans to transform the office from a regional corporate headquarters employing 255 workers to a regional field office employing about 40 people.
The shift will result in management positions from the land, legal, accounting, information technology, geoscience and engineering departments being consolidated at the Oklahoma City corporate office.
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The Charleston location will still house corporate development, midstream and some human resources and land functions, with field operations remaining intact. The reorganization is expected to be complete on June 30.
Shares of Chesapeake Energy [CHK Loading... ()] gained about 50 cents Thursday.
The shares have tumbled sharply since gas prices peaked over the summer, falling from a 52-week high of $74 reached in July. The prices bottomed at a multiyear low of $9.84 in December.
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