Chesapeake loses $4.8 billion in 2016
Thursday, March 2, 2017
At the end of February, Chesapeake Energy announced it posted a net loss of $4.8 billion during 2016. According to the Youngstown Business Journal, the loss resulted from lower commodity prices, lower production values and a decrease in the value of the company’s oil and gas assets.
Chesapeake reported revenues of $7.87 billion in 2016 compared with revenues of $12.76 billion a year earlier. Over the fourth quarter, the company posted a net loss of $741 million on revenues of $2 billion compared with a net loss of $2.2 billion on revenues of $2.64 billion over the same period in 2015.
Average daily production for the fourth quarter was around 574,500 barrels of oil equivalent per day, including 108,00 coming from the Utica shale play.
Learn more: Youngstown Business Journal > Chesapeake reports net loss of $4.8 billion in 2016
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