Shares of Chesapeake Energy (CHK) lost almost 8% in Friday's trading session. The troubled natural gas company reported a multi-billion dollar loss. Investors were disappointed by the lack of asset sales, in order to pay off debt.
Third Quarter Results
Chesapeake Energy reported third quarter revenues of $2.97 billion, down 25.3% on the year. Chesapeake produced 381 billion cubic feet of natural gas equivalent during the quarter. Natural gas revenues fell 58% to $505 million, largely explaining the decline in quarterly revenues. Average natural gas prices fell 59% on the year. Revenues came in ahead of analysts expectations of $2.73 billion, on the back of higher production volumes.
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