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Chesapeake Energy Profit Sharply Lower
Published: Monday, 2 Nov 2009 | 4:37 PM ET
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By: Reuters

Chesapeake Energy said on Monday its quarterly profit fell sharply from a year ago as lower natural gas prices hurt results and the year-ago period was boosted by a large gain related to hedging.

Net profit in the quarter was $186 million, or 30 cents per share, compared with $3.29 billion, or $5.62 per share in the same period a year ago.

Excluding one-time items, the Oklahoma City, Oklahoma company had earnings of $440 million, or 70 cents per share.

On that basis, analysts on average had expected a profit of 65 cents per share, according to Thomson Reuters.

Natural Gas

Revenue in the quarter was $1.81 billion, down from $7.49 billion a year ago. Analysts had expected revenue of $1.96 billion for the 2009 third quarter.

Chesapeake shares [CHK  Loading...      ()   ] fell in extended trading. They closed at $24.14 on Thursday.

Copyright 2009 Reuters. Click for restrictions.
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