Chesapeake Misses Estimates as Gas Field Writedowns Mount
- Increases 2016 asset sale target to more than $2 billion
- Chesapeake plans to sell some Haynesville shale acreage
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Chesapeake Energy Corp. missed analyst estimates as a slump in natural gas prices prompted a $1 billion impairment of its gas fields and eroded the value of the company’s hedges.
The second-quarter loss attributable to common stockholders narrowed to $1.79 billion, or $2.48 a share, from a loss of $4.15 billion, or $6.27 a share, a year earlier, the Oklahoma City-based company said in a statement on Thursday. The per-share result, excluding one-time items, was 3 cents worse than the 11-cent loss that was the average of 30 analysts’ estimates in a Bloomberg survey. Revenue declined 54 percent year over year, the company said in the statement.