Oklahoma City-based Chesapeake Energy reported a drop in third-quarter earnings on Thursday. The net loss to shareholders was $41 million or 5 cents per share from $1.2 billion or $1.62 cents a share a year earlier.
Its bottom line rose to $106 million or $0.12 a share, higher than $73 million or $0.09 a share in the third quarter of 2016. Revenue for the quarter fell 14.9% to $1.94 billion, down from $2.28 billion a year earlier.
Capital investments for the quarter were $692 million while they were $667 million in the second quarter of 2017.
The company reported that as of September 30 2017, its principal debt balance was nearly $9.8 billion compared to $10.0 billion as of December 31, 2016.
The company’s quarterly report indicate it has 14 active drilling rigs with five in the Eagle Ford Shale of Texas, three in the Powder River Basin of Wyoming, three in the Haynesville Shale, two in Northeast Appalachia and one in the Mid-Continent area. The company plans to average 14 rigs in the 2017 fourth quarter.