Chesapeake Energy plans to cut 70 jobs in North Texas. That is about 8% of its area workers. The company says the low price of natural gas is to blame for the cuts. Following the layoffs, Chesapeake says it will have about 700 local employees and just a couple drilling rigs in the Barnett Shale. That's down from a peak of 44 rigs in 2008.
Chesapeake had 12 rigs at the beginning of this year.