In this week's news update, a new merger will create a top-5 energy company, and Chesapeake Energy lays off part of its Oklahoma workforce.

Chesapeake Energy, based in Oklahoma City, laid off 15 percent of its workforce Sept. 29 as “part of an overall plan to reduce costs and better align its workforce with the needs of the business and current oil and natural gas commodity prices.”

About 800 employees were let go. The layoff also impacted 14 jobs in Pennsylvania, but most of the jobs were based in Oklahoma.

Chesapeake employs about 3,200 in Oklahoma City and is the 11th largest employer, according to the Greater Oklahoma City Partnership. The company has 5,500 people throughout the U.S.

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Cheapeake is the second-largest producer of natural gas and the 11th largest oil producer.

Energy Transfer to Buy The Williams Cos.

Energy Transfer Equity is acquiring pipeline operator The Williams Cos. for approximately $32.61 billion.

The merger will create one of the five biggest energy companies in the world. Williams Cos. previously announced a deal to acquire Williams Partners LP, but that transaction has been terminated.

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In the new deal, Williams will keep its company name and remain headquartered in Tulsa, Oklahoma. The deal is expected to close in the first half of 2016.

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