Chesapeake: Biggest Loss in Three Years

Link here to Bloomberg.

Chesapeake Energy Corp., the second- largest U.S. natural gas producer, posted its biggest net loss in more than three years after a plunge in gas prices prompted a $2 billion writedown in the value of gas fields.

Chesapeake reported a net loss of $2.01 billion, or $3.19 a share, compared with profit of $922 million, or $1.23, a year earlier, the Oklahoma City-based company said in a statement today.

Excluding one-time items such as the writedown, Chesapeake earned 10 cents a share, a penny more than the average of 34 analysts’ estimates compiled by Bloomberg.