Chesapeake Swings To Quarterly Loss On Charges


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.

Copyright 2016 Thomson Reuters. Click for Restrictions.


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Jacob Hendricks | May. 19, 2014
I know I am commenting on this pretty late, but I just came across it today, and believe my comment is still valid at this time. This is what happens when you operate on knee jerk reactions to issues and problems; such as, terminating employees. Its fine if it is thoroughly thought out and realized to be the only option. However, when you up and terminate good employees, who are falsely accused of wrongdoing; those people will fight back to salvage their reputations. This is no less than what the company would do to protect itself from slander; therefore, why should they expect anything less from a terminated employee. Companies, like Chesapeake Energy Corporation, need to realize that they have a whole lot more to lose than just a few dollars and cents - they have a reputation to maintain; which is what draws out the best candidates for their open positions. If they react to problems and issues within the employee chain by immediate termination, they leave themselves open to public scrutiny and distrust; not to mention the disgruntled ex-employees telling their story to anyone that will lend them an ear. Fact is, once an employee is terminated they have nothing to lose in stating the facts as they see it, and they will do just that. They will tell others what happened to them and how their employer treated them. And in these days of social media, that message can and will get spread far and wide. The old saying, "keep your friends close, and your enemies even closer," rings very true in this situation. The last thing a company needs, is a disgruntled ex-employee sharing negative facts about their ex-employers hiring and firing practices - especially if that ex-employee has facts that prove they were wrongfully terminated under false allegations. Its human nature to seek to protect oneself and reputation; and these people will follow that natural habit. Companies need to remember this and understand, that yes, they are the Goliath in the picture; being big tends to have a narcissistic effect on many corporations and they think they are too big to fall, but it only took a small stone in a sling shot from a young boy, to take Goliath down.

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