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The
company also wrote down the value of some oil and gas assets by
$5.42 billion in the latest quarter, adding to the $10 billion
in impairment charges it has already booked this year.
Chesapeake lowered its 2015 capital expenditure target to
$3.4-$3.9 billion from $3.5-$4.0 billion.
However, the company raised its 2015 total production forecast
to 670,000–680,000 barrels of oil equivalent per day (boepd),
from 667,000–677,000 boepd.
Chesapeake's shares were up 4.7 percent at $7.97 in premarket
trading on Wednesday. The stock has lost 65 percent in the past
12 months.
Net loss attributable to Chesapeake shareholders was $4.69
billion, or $7.08 per share, in the third quarter ended Sept.
30, compared with a profit of $169 million, or 26 cents per
share, a year earlier.
Excluding one-time items, Chesapeake reported a loss of 5 cents
per share, compared with the average analyst estimate of 13
cents per share, according to Thomson Reuters I/B/E/S.
(Reporting by Shubhankar Chakravorty in Bengaluru; Editing by
Sriraj Kalluvila and Saumyadeb Chakrabarty)
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