Red ink flows at Chesapeake

Stepping down: outgoing Chesapeake chief executive Aubrey McClendon

Reuters/Scanpix

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Steve Marshall

 21 February 2013 13:08 GMT

Cash-strapped US independent Chesapeake Energy reported a net loss last year of $940 million after being hit by a hefty $2 billion after-tax impairment charge on the reduced value of largely gas-producing assets.

The company was also clobbered by a series of other charges, including $122 million for debt repayments and $208 million on impairment of fixed assets, as well as the impairment on the carrying value of oil and gas assets, that led to a reversal of its result from a profit of $1.57 billion in 2011.

However, it earned net profit in the fourth quarter of $257 million, turning around a loss of more than $2 billion in the previous three-month period but still shy of a $429 million gain a year earlier.

The quarterly profit, equating to 26 cents per share…

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