Chesapeake Energy reports quarterly net loss

Tue May 1, 2012 4:27pm EDT

May 1 (Reuters) - Chesapeake Energy Corp on Tuesday reported a first-quarter net loss and said it would cut capital expenditures this year in the face of decade-low natural gas prices.

Earlier in the day, the company said its chief executive, Aubrey McClendon, would relinquish his title as executive chairman at the urging of shareholders seeking to improve the oil and gas company's governance.

Chesapeake, which has broad exposure to natural gas prices, said it would significantly reduce spending on drilling and acreage purchases this year.

The Oklahoma City company reported a net loss of $71 million, or 11 cents per share, compared with a net loss of $205 million, or 32 cents per share, in the same quarter a year earlier.

Chesapeake's average daily oil and gas output rose 18 percent in the first quarter.