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UPDATE 1-Chesapeake Energy's profit beats estimates

(Adds details, background, shares)

Aug 3 (Reuters) - Chesapeake Energy Corp's quarterly profit beat analysts' estimates and the U.S. natural gas producer said it expected total production to rise through 2017.

Shares of the company were up 1.5 percent at $4.69 in premarket trading on Thursday.

"We expect our total production to move higher throughout the year, driven by large turn-in-line projects underway in the Eagle Ford, Utica and Powder River Basin operating areas," CEO Doug Lawler said.

The company on Thursday said it produced about 88,400 barrels of oil per day, up 6 percent from the preceding quarter.

Chesapeake Energy, which operates in the Eagle Ford Shale in South Texas and Utica Shale in Ohio and the Anadarko Basin in northwestern Oklahoma among others, said it would operate 14 rigs by 2017 end, down from the 18 rigs it currently runs.

Net profit available to shareholders was $470 million, or 47 cents per share, in the second quarter ended June 30, compared with a loss of $1.82 billion, or $2.51 per share, a year earlier.

Excluding items, the company earned 18 cents per share, higher than analysts' expectation of 14 cents, according to Thomson Reuters I/B/E/S.

Total revenue at the Oklahoma-based company jumped by 41 percent to $2.28 billion.

(Reporting by Yashaswini Swamynathan and Nivedita Bhattacharjee in Bengaluru; Editing by Martina D'Couto and Arun Koyyur)