Chesapeake Red Ink Shrinks in 2016

摘要

US independent Chesapeake Energy was still deep in the red in 2016, reporting a net loss of $4.9 billion after writing down the value of its oil and gas properties by $2.5 billion. However, the firm's net loss was down sharply compared to 2015, when it was nearly $15 billion in the red. The slimmer loss came despite revenue falling from $12.8 billion to $7.9 billion as well. Low commodity prices, increased hedging losses, slipping production and asset sales were the main reasons for reduced revenues in 2016 from 2015, the company said.