Chesapeake Energy reports lower Q2 profit

Jake Dean

Chesapeake Energy has raised its guidance for full-year 2013 oil production.

Oklahoma City-based Chesapeake Energy Corp. (NYSE: CHK) reported Thursday a second quarter profit of $457 million, or 66 cents per share, a sharp drop from the same quarter a year ago.

The natural gas and oil producer reported a profit of $929 million, or $1.29 per share, in the second quarter of 2012. Last year's second quarter was bolstered by the sale of its gas gathering and processing business, Reuters said.

Chesapeake, which runs its Barnett Shale operation from a headquarters in Fort Worth, said that it was raising its guidance for full-year oil production by 1 million barrels because of good well performance.

Lance Murray edits and writes for the DBJ's website and can be reached at 214-706-7106

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Nick Foles