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Chesapeake Energy Reports $2 Billion Loss for Third Quarter (CHK)

Natural gas production company, Chesapeake Energy Corporation ( CHK ) reported a massive net loss for its third quarter and matched analysts estimates Friday.

The Oklahoma City, OK based company reported a third quarter loss of $2.06 billion, or -$3.19 a share, compared with last years profit of $879 million, or $1.23 a share. Adjusted earnings was reported at $33 million, or 10 cents a share.

Revenue for the quarter was $2.97 billion, a 25% decline from last years revenue of $3.98 billion.

The quarter's reported loss includes a non-cash after-tax impairment charge of $2.022 billion which was related to the carrying value of natural gas and oil properties. The decline was also due to a decline in natural gas prices. Excluding one-time charges, adjusted profit was 10 cents per share.

Analysts expected a matching profit of 10 cents a share, and revenue of $2.43 billion.

Chesapeake Energy shares were down 37 cents, or -1.84% during premarket trading Friday.

Chesapeake Energy Corporation ( CHK ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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