Chesapeake Energy First-Quarter Loss Narrows to $71 Million

Chesapeake Energy Corp. reported an unexpected first-quarter loss, cut cash flow estimates, reduced its drilling budget and said it may run out of money next year under the weight of the lowest natural-gas prices in a decade.

Chesapeake’s net loss narrowed to $71 million, or 11 cents a share, from $205 million, or 32 cents, a year earlier, the Oklahoma City-based company said in a statement today. Excluding one-time costs such as a net unrealized non-cash loss on hedging contracts, per-share profit was 10 cents below the average of 34 analysts’ estimates compiled by Bloomberg.