HOUSTON, Feb 27 (Reuters) - Chesapeake Energy Corp on Friday said in a regulatory filing it expects to write-down the value of its oil and gas properties in the first quarter, citing low oil and gas prices.
"Based on the first-day-of the-month prices we have received over the 11 months ended February 2015, we expect to have a material write-down in the carrying value of our oil and natural gas properties in the first quarter of 2015," the company said in its annual filing with the U.S. Securities and Exchange Commission.
More write-downs will occur in subsequent quarters if prices stay low, the Oklahoma City, Oklahoma company said.
(Reporting by Anna Driver)
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles