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Chesapeake Energy posts quarterly profit

Wednesday, 6 Nov 2013 | 7:15 AM ET

Nov 6 (Reuters) - Chesapeake Energy Corp, the second largest U.S. natural gas producer, reported a profit for the third quarter, compared with a loss a year earlier when the company wrote down the value of some of its natural gas assets.

Chesapeake, which has been shedding assets and cutting jobs to lower spending and raise cash, said it expects to complete additional asset disposals in the fourth quarter, raising about $600 million.

The company has raised $3.6 billion from asset sales so far this year.

Chesapeake's profit was $156 million, or 24 cents per share, in the quarter ended Sept. 30, compared with a loss of $2.1 billion, or $3.19 per share, in the year-ago quarter.

Total daily production dipped 2 percent due to asset sales, but daily oil output rose 23 percent, the Oklahoma City-based company said.

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