Chesapeake Energy Trims Losses, Sheds Some Assets

Chesapeake Energy Corp, the second-largest U.S. natural gas producer, reported a smaller quarterly loss and said it had struck a $470 million deal with Newfield Exploration Co for some assets in Oklahoma.

Chesapeake said it would sell about 42,000 net acres in Oklahoma's STACK field, with current production of 3,800 barrels of oil equivalent per day.

The company's net loss attributable to shareholders narrowed to $964 million, or $1.44 per share, in the first quarter ended March 31, from $3.78 billion, or $5.72 per share, a year earlier.

The year-earlier period included one-time items of $3.8 billion.

Reporting by Swetha Gopinath and Amrutha Gayathri