Chesapeake to take $70M charge against earnings for layoffs - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

Chesapeake to take $70M charge against earnings for layoffs

Posted: Updated:
  • Local NewsMore>>

  • North Central WV Weekend Outlook for April 18-20

    North Central WV Weekend Outlook for April 18-20

    Friday, April 18 2014 4:00 AM EDT2014-04-18 08:00:12 GMT
    With it being a holiday weekend, there's not much in the way of fairs or festivals scheduled, but there's still plenty to do around north central West Virginia. Saturday: Stonewall Resort, in Lewis County,
    With it being a holiday weekend, there's not much in the way of fairs or festivals scheduled, but there's still plenty to do around north central West Virginia. Saturday: Stonewall Resort, in Lewis County,
  • Try-Again Homes to Host Open House April 25th

    Try-Again Homes to Host Open House April 25th

    Friday, April 18 2014 12:12 AM EDT2014-04-18 04:12:24 GMT
    Try-Again Homes will hold an open house on Friday, April 25th, to educate potential foster parents, and encourage people to open their homes to foster children.According to Try-Again Homes, in the United
    Try-Again Homes will hold an open house on Friday, April 25th, to educate potential foster parents, and encourage people to open their homes to foster children.According to Try-Again Homes, in the United
  • The City Of Clarksburg Acquires A Historic Theater

    The City Of Clarksburg Acquires A Historic Theater

    Friday, April 18 2014 12:11 AM EDT2014-04-18 04:11:23 GMT
    The Robinson Grand TheaterThe Robinson Grand Theater
    Clarksburg City Council approved a second reading of the ordinance to acquire the Rose Garden Theater, Thursday night.
    Clarksburg City Council met Thursday night to discuss ‘The Robinson Grand Theater', also known as the ‘Rose Garden Theater', that the city plans to acquire. 

Chesapeake Energy will take a $70 million charge against its third- and fourth-quarter earnings as a result of cutbacks that cost 900 people their jobs.

In a filing Oct. 15 with the Securities and Exchange Commission, Chesapeake said the workforce reductions were done in September and October and were communicated to all employees by Oct. 11.

In connection with the reduction, the Company estimates it will incur an aggregate of approximately $70 million of one-time charges in the 2013 third and fourth quarters,

The cutbacks will result in an expense of about $45 million related to the acceleration of restricted stock awards. The cash flow impact of the charges and related employer payroll taxes will be about $25 million. Chesapeake said it also expects to incur a one-time charge of about $25 million in the third quarter related to other workforce reductions, including previously announced executive officer separations, that were outside of the workforce reduction plan.

Chesapeake also announced it will release its operational and financial results for the third quarter before the markets open on Nov. 6. Its executive conference call with analysts will begin at 9 a.m. that day.