Chesapeake Energy Reports Q4 Profit, Slashes Spending

Chesapeake Energy Corp on Wednesday said it would slash its 2015 spending in response to low crude oil prices and reported a fourth-quarter profit compared with a year-earlier loss as results were boosted by hedging gains.

Chesapeake reported a profit of $586 million, or 81 cents per share, compared with a loss of $159 million or 24 cents per share in the same period a year earlier.

Chesapeake also said it expects total capital expenditures of $4 billion to $4.5 billion this year, down from $6.7 billion in 2014.

Reporting by Anna Driver