Chesapeake Energy records $530 million loss in fourth quarter on lower gas prices
By APWednesday, February 17, 2010
Chesapeake Energy posts 4Q loss on charges
OKLAHOMA CITY — Chesapeake Energy says it recorded a $530 million loss in the fourth-quarter as one of the nation’s largest natural gas producers recorded its second hefty charge of 2009 to write down the value of its gas and oil properties.
Chesapeake said Wednesday that it lost 84 cents a share for the quarter ended Dec. 31, narrowing its loss from $866 million, or $1.51 per share, in the year-ago quarter.
Without one-time charges Chesapeake, based in Oklahoma City, said it made $490 million, or 77 cents per share in the quarter as production rose 5 percent from the year-ago quarter.
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