Oklahoma City-based Chesapeake said it lost $5.7 billion, or $9.63 per share, for the quarter ended March 31 compared with a loss of $132 million, or 29 cents a share, in the year-ago quarter.
Excluding special charges, Chesapeake recorded profit of $277 million, or 46 cents, a share for the quarter. Excluding a $704 million charge in the year-ago quarter, Chesapeake would have been made $561 million, or $1.09 per share.
Analysts surveyed by Thomson Reuters expected Chesapeake to report profit of 49 cents a share. Those estimates typically exclude charges.Chesapeake shares hit $74 last summer as prices rose, but then tumbled all the way to $9.84 in December, the lowest level in more than five years.
Disclosure I am long CHK shares