Top Utica Shale driller Chesapeake Energy on Thursday reported a more than $1.7 billion loss for its second quarter – a significant improvement from over a year ago.
The Oklahamo-based energy company raised its production forecast for the year and said it will continue to operate a drilling rig in its Utica Shale acreage. The company has more than 600 wells in Ohio, according to the latest state figures.
Chesapeake Energy said it lost $1.75 billion, or $2.48 per share, on revenue of $1.6 billion for the quarter ending June 30. That compares to a loss of nearly $4.2 billion, or $6.27 a share, on revenue of $3.5 billion a year ago
Chesapeake said its revenue fell by 54 compared to a year ago and it lost money in the quarter largely because of falling energy prices, noncash impairments of more than $1 billion, plus “unrealized hedging losses of approximately $544 million”.
The company, which has been struggling with heavy debt, said it has paid off about $1 billion in debt so far this year.Read more by clicking here.
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