U.S.-based Chesapeake Energy saw its net loss shrink but its revenue decline in the third quarter of 2019, its financial results statement released Tuesday showed.
The company posted a net loss of $146 million in the July-September period of 2018, however, net losses contracted to $61 million during the same period of 2019, according to the statement.
Revenue, on the other hand, decreased to $2.09 billion in the third quarter of 2019, marking a 13.6% decline from $2.42 billion in the same quarter of 2018.
'Oil production represented approximately 24% of the company's 2019 third quarter aggregate production, compared to 17% in the 2018 third quarter,' the statement read.
Average daily production for the third quarter of 2019 was approximately 478,000 barrels of oil equivalent (boe), which consisted of around 115,000 barrels of oil, 1.99 billion cubic feet (56.3 million cubic meters) of natural gas and 32,000 barrels of natural gas liquids (NGL), according to the statement.
Average daily production for the third quarter of 2018 was 537,000 boe, and consisted of approximately 89,000 barrels of oil, 2.33 billion cubic feet (66 million cubic meters) of natural gas and 59,000 barrels of NGL, it added.
By Ovunc Kutlu