Chesapeake Reports 3Q Loss

OKLAHOMA CITY (AP) — Chesapeake Energy Corp. (CHK) on Thursday reported a loss of $1.16 billion in its third quarter.

The Oklahoma City-based company said it had a loss of $1.54 per share. Earnings, adjusted for non-recurring costs and asset impairment costs, came to 9 cents per share.

The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.

The natural gas company posted revenue of $1.18 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $1.03 billion.

Chesapeake shares have climbed 18 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 3 percent. The stock has decreased 29 percent in the last 12 months.

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