UPDATE 1-Chesapeake Energy profit sharply lower

* Q3 profit 70 cents/share v. analysts' 65 cents/share

* Q3 revenue $1.81 bln v. analysts' $1.96 bln

HOUSTON Nov 2 (Reuters) - Chesapeake Energy Corp (CHK.N) said on Monday its quarterly profit fell sharply from a year ago as lower natural gas prices hurt results and the year-ago period was boosted by a large gain related to hedging.

Net profit in the quarter was $186 million, or 30 cents per share, compared with $3.29 billion, or $5.62 per share in the same period a year ago.

Excluding one-time items, the Oklahoma City, Oklahoma company had earnings of $440 million, or 70 cents per share.

On that basis, analysts on average had expected a profit of 65 cents per share, according to Thomson Reuters I/B/E/S.

Revenue in the quarter was $1.81 billion, down from $7.49 billion a year ago. Analysts had expected revenue of $1.96 billion for the 2009 third quarter. (Reporting by Anna Driver in Houston; editing by Andre Grenon)