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Chesapeake 3Q profit down on lower gas prices
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OKLAHOMA CITY - Chesapeake Energy says its third quarter earnings fell compared with last year when skyrocketing natural gas prices sent profit soaring.
The Oklahoma City-based company said Tuesday that it made $186 million, or 30 cents per share, for the quarter ended Sept. 30. Discounting charges, Chesapeake said it made $440 million, or 70 cents per share.
Chesapeake said production rose 1 percent from the second quarter and 7 percent from the year-ago quarter when low prices led the company to curtail drilling.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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