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Chesapeake posts quarterly profit versus year-ago loss
May 4, 2017 / 11:09 AM / 7 months ago

Chesapeake posts quarterly profit versus year-ago loss

May 4(Reuters) - Chesapeake Energy Corp posted a quarterly profit, compared with a year-ago loss, when the U.S. natural gas producer took charges to write down the value of some oil and gas assets.

The company reported a net profit available to shareholders of $75 million, or 8 cents per share, in the first quarter ended March 31, compared with a loss of $1.11 billion, or $1.66 per share, a year earlier.

The year-ago quarter included an impairment charge of nearly $1 billion.

Chesapeake’s total production fell 21.3 percent to 48 million barrels of oil equivalent.

Total revenue rose 41 percent to $2.75 billion in the quarter. (Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)

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