Chesapeake Energy Announces $964 Million Loss In First Quarter Of 2016

Thursday, May 5th 2016, 8:55 am
By: News 9

Chesapeake Energy Corporation announced a $964 million net loss during the first quarter of 2016. That's $1.44 per fully diluted share. 

In a news release, the company said, "The primary driver of the net loss was a noncash impairment of the carrying value of Chesapeake's oil and natural gas properties of approximately $853 million, largely resulting from decreases in the trailing 12-month average first-day-of-the-month oil and natural gas prices as of March 31, 2016, compared to December 31, 2015."

Read the complete news release here.

On Wednesday, Devon Energy announced a $3.1 billion loss in the first quarter. 

Stay with News 9 and for updates.