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.
WHAT DO YOU THINK?
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.
- WildHorse to Lay Off Staff After Chesapeake Acquisition (Jan 14)
- Chesapeake to Cut Rigs to Reduce CAPEX in 2019 (Jan 10)
- Chesapeake Surges After Director Buys Shares (Dec 26)