Chesapeake Energy Sees Asset Writedowns in Q1-filing

Chesapeake Energy Corp on Friday said in a regulatory filing it expects to write-down the value of its oil and gas properties in the first quarter, citing low oil and gas prices.

"Based on the first-day-of the-month prices we have received over the 11 months ended February 2015, we expect to have a material write-down in the carrying value of our oil and natural gas properties in the first quarter of 2015," the company said in its annual filing with the U.S. Securities and Exchange Commission.

More write-downs will occur in subsequent quarters if prices stay low, the Oklahoma City, Oklahoma company said.

Reporting by Anna Driver