Chesapeake Energy Swings to Loss in 1Q

By Kimberly Chin

Chesapeake Energy Corp. (CHK) swung to a loss in the first quarter as it recorded lower revenue and higher taxes.

The Oklahoma City-based company reported a loss of 21 million, or 3 cents a share, compared with a profit of $17 million, or a loss of 1 cent a share.

Excluding oil and gas-related hedging gains and losses on the sale of oil and gas properties, Chesapeake posted an adjusted loss of 2 cents a share.

Analysts surveyed by Refinitiv expected a profit of 15 cents a share and adjusted profit of 14 cents a share.

Revenue for the quarter was $2.16 billion, down 13% from the year prior. Analysts expected $2.35 billion.

It reported average production of 484,000 barrels of oil equivalent a day, which includes an average production of 109,000 barrels of oil a day and an average production of 39,000 barrels of natural gas liquids a day.

Shares fell 6% in premarket trading.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

May 08, 2019 08:00 ET (12:00 GMT)

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