A Chesapeake Energy Corporation subsidiary laid off 98 employees on Tuesday as part of the continued oil and natural gas industry slowdown.
Oklahoma City-based Compass Manufacturing L.L.C. designs, manufactures, installs and sells natural gas compressor equipment. The company was formed in 2007 to supply Chesapeake Energy Corporation and MidCon Compression with natural gas production equipment, according to a report by News9.com.
The layoffs are the latest in a string of workforce reductions among energy companies that are dealing with a sharp decline in oil and gas prices.
“Due to the current commodity price environment, Chesapeake subsidiary Compass Manufacturing L.L.C. released 98 employees from its Oklahoma City manufacturing facility today,” said Gordon Pennoyer, Director of Strategic Communications for Chesapeake Energy Corporation. “Affected employees will receive severance packages and career transition assistance.”