August 1, 2018 / 11:10 AM / 3 months ago

Chesapeake Energy reports quarterly loss on lower natgas prices

Aug 1 (Reuters) - Natural gas producer Chesapeake Energy Corp reported a loss compared to a year-ago profit on Wednesday, as a slump in natural gas prices ate into its margins and the company was hurt in part by a $46 million impairment charge.

The Oklahoma-based company said net loss available to shareholders was $40 million, or 4 cents per share, in the three months ended June 30, compared with a profit of $470 million, or 47 cents per share, a year earlier.

Chesapeake’s average daily production rose to 530,000 barrels of oil equivalent per day (boe/d) from 527,600 boe/d while average sales price rose 13.8 percent to $25.56 per barrel of oil equivalent per day. (Reporting by Anirban Paul in Bengaluru; Editing by Shailesh Kuber)

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