Chesapeake’s $4.8 billion loss tied to depressed energy prices

Chesapeake Energy Corp., which has been most prolific oil and natural gas driller in eastern Ohio’s Utica shale play, announced it posted a net loss of $4.8 billion during 2016, reports the Youngstown Business Journal. The newspaper says the loss was “largely driven by non-cash impairments of the company’s oil and gas properties caused by depressed commodity prices.” Chesapeake also reported its average daily production during the fourth quarter of 2016 was approximately 574,500 barrels of oil equivalent per day, including 108,000 barrels in the Utica shale play. For more, read the full story.

National, Ohio