Chesapeake swings to quarterly loss on charges

Wed Feb 26, 2014 7:20am EST

Feb 26 (Reuters) - Chesapeake Energy Corp swung to a quarterly net loss, hurt by charges related to its efforts to reduce debt and simplify its balance sheet.

The No.2 U.S. natural gas producer reported a net loss of $159 million, or 24 cents per share for the fourth quarter, compared with a net profit of $250 million, or 39 cents per share, a year earlier.

Revenue rose 28 percent to $4.54 billion.

The company took charges related to employee termination costs and discontinued rig lease contracts, among other things, in the quarter ended Dec. 31.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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