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.
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