Chesapeake Energy cuts 15% of workers as it emerges from bankruptcy Source: Reuters Once the second-largest U.S. natural gas producer, Chesapeake was felled by a long slide in gas prices. The company is “resetting our business to emerge a stronger and more competitive enterprise,” according to the email to employees by Chief Executive Doug Lawler dated Tuesday, and reviewed by Reuters. Most of the 220 layoffs will happen at the Oklahoma City headquarters, the email said. Chesapeake on Tuesday said it planned to raise $1 billion in notes to complete its bankruptcy exit. The company’s bankruptcy plan was approved by a U.S. judge last month, giving lenders control of the firm and ending a contentious trial.