OKLAHOMA CITY (AP) - Chesapeake Energy Corp. says it has laid off 740 employees, most of them at its Oklahoma City headquarters, after the company reported a second-quarter loss of more than $4 billion in August.

OKLAHOMA CITY (AP) Chesapeake Energy Corp. says it has laid off 740 employees, most of them at its Oklahoma City headquarters, after the company reported a second-quarter loss of more than $4 billion in August.

The company released a statement saying Tuesday's layoffs represent about 15 percent of its workforce. The layoffs hit hard at the company's Oklahoma City office, where more than 560 people lost their jobs.

The company says affected employees will receive up to a year's pay depending on their age, pay level and years of service. Continuing health insurance and job placement help also will be available.

Chesapeake still has about 4,000 employees nationwide, including about 2,500 in Oklahoma City.

The company, which also has sold assets to save money, didn't return emails and phone messages seeking comment.