Chesapeake first-quarter profit surges on pricing

Wed May 7, 2014 7:14am EDT

May 7 (Reuters) - Chesapeake Energy Corp, the second largest U.S. producer of natural gas, reported a sharply higher quarterly profit on Wednesday, helped by higher prices.

Profit in the first quarter was $374 million, or 54 cents per share, compared with $15 million, or 2 cents per share, in the year-ago period.

The Oklahoma City, Oklahoma company said its oil and gas production was 675,200 barrels oil equivalent per day, up 11 percent from a year ago after adjusting for asset sales. (Reporting by Anna Driver; Editing by Jeffrey Benkoe)

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