Chesapeake profits spike

Chesapeake Energy CEO Aubrey McClendon

Chesapeake results: Chief executive Aubrey McClendon said company is improving in drive to fiscal prudence

Chesapeake Energy on Monday posted increased second-quarter profits as the embattled explorer peeled off assets to shore up its financial position.

The Oklahoma City-based company, which has been under fire for its corporate governance practices and perks to chief executive Aubrey McClendon, reported net income of $929 million in the three months to June.

That compared to $467 million in the year-ago period.

That figure reflected one-time items including the $548 million sale of interests in a midstream business and hedging gains of $490 million. Without those items, the company would have posted earnings of $3 million, or 6 cents per share.

Analysts surveyed by Reuters had forecast 7 cents per share.

“We are taking aggressive…

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