(Reuters) – U.S. natural gas firm Chesapeake Energy posted a sharp drop in third-quarter profit on Tuesday, hurt by lower prices.
U.S. natural gas prices averaged $2.78 per million British thermal units (Btu) during the July-September quarter, down about 60%, compared with the year-ago quarter, when demand for the commodity had spiked following Russia’s invasion of Ukraine.
Chesapeake Energy’s total production fell to 3,495 million cubic feet equivalent (mmcfe) per day, compared with 4,108 mmcfe per day a year earlier, as it completed its exit from the Eagle Ford basin.
The company reported a profit of $70 million, or 49 cents per share, for the quarter ended Sept. 30, compared with $883 million, or $6.12 per share, a year earlier.
(Reporting by Sourasis Bose in Bengaluru; Editing by Anil D’Silva)
