UPDATE 2-Chesapeake sees flat-to-modest production growth in 2018

(Adds details on forecast; updates shares)

Nov 2 (Reuters) - Oil and gas producer Chesapeake Energy Corp said on Thursday it expected a flat-to-modest production growth in 2018 and plans to invest less capital, sending its shares down 3.8 percent in premarket trading.

Wall Street was expecting a production growth of about 7 percent for 2018, according to Capital One Securities Inc.

The company, which reported a steep decline in third-quarter revenue, had warned in September that production would fall 15 percent in the quarter partly due to disruptions caused by Hurricane Harvey.

For 2017, Chesapeake raised the lower end of its capital expenditure forecast for the second time by $200 million to $2.3 billion, but retained the upper end at $2.5 billion.

Chesapeake's third-quarter revenue dropped 14.6 percent to $1.94 billion, even as it spent more in the quarter.

However, the company posted a narrower loss of $41 million, or 5 cents per share, as it kept a tight lid on costs and benefited from higher realized oil and natural gas prices.

Excluding items, Chesapeake earned 12 cents per share, beating analysts' estimate by 1 cent, according to Thomson Reuters I/B/E/S.

The company's shares were down 3.3 percent at $3.83 before the bell. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila and Anil D'Silva)