Energy Firm Still Hurting From Credit Crunch

NewsOn6.com

OKLAHOMA CITY, OK -- Despite big gains in the stock market on Monday, not everything is smooth sailing yet.  Case in point, Oklahoma's Chesapeake Energy. 

The company's stock set a record single-day increase, closing at more than $20 a share.  That comes just as it announced the weaker energy market has them making major cuts. 

Drilling operations are being scaled back and Chesapeake is selling off some of its assets to raise $2.5 billion in cash. 

"We have no plans in doing anything that would adversely impact any employees at Chesapeake Energy, including layoffs," said Tom Price, Chesapeake Energy Vice President. 

Last week, the credit crunch forced Chesapeake's CEO to sell nearly all of his company stock.

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