Chesapeake Energy Co (Energy Chesapeake) on Tuesday (September 29th) said the company has cut about 15% of the workforce, or 740 jobs. Oil and gas prices have forced the second major gas producers in the United States to cut deeper levels of cost cutting.

The company now has about 4000 workers this year has cut capital spending by 40%, and cut operating costs as well as dividends, due to crude oil prices, so that drilling continued for several months can not be profitable.

Chief executive Lawler Doug wrote in an internal memo that although this is extremely difficult, but they acted decisively to enhance the long-term competitiveness and strength of Chesapeake.

Chesapeake, an American 2 natural gas producer and an important oil producer, said it would pay $55500000 in the third quarter for a one-time fee for the related payroll taxes, according to the regulatory securities and Exchange Commission (SEC) file. And these will be paid in cash.

Based on Chesapeake's Oklahoma City stock, so far this year has fallen by 65%, compared with the exploration and production index fell 35% performance is more poor.