Losses: Chesapeake Energy
- Chesapeake defends bonus decision
- Fraccing draws scrutiny in Pennsylvania
- Chesapeake boss faces bonus fury
- Row brews over Chesapeake boss' pay
- Chesapeake decides to slow pace
- McClendon says $9 gas needed to drill
- Chesapeake hits output brake in US
- Chesapeake cuts output on low prices
- Chesapeake sheds West Virginia staff
Cheasapeake sees losses in first quarter
Chesapeake Energy reported a larger first-quarter loss as the natural gas company took a $6.02 billion charge to write down the value of its oil and gas properties.
The net loss was $5.75 billion, or $9.63 per share, compared with a net loss of $1 billion, or $1.74 per share, in the same period a year earlier.
The Oklahoma City company said its natural gas output rose 5% to 2.37 billion cubic feet equivalent per day, said a Reuters report.
Chesapeake, which has already shut in output and cut spending, said it would continue to curtail its natural gas production through the middle of the year to cope with low prices.
Chesapeake shares fell 4% in extended trading, after closing up $1.93 at $22.82 on the New York Stock Exchange.