Chesapeake Energy shares slid by as much as 4% in premarket trading on Thursday after the company reported another quarterly loss.
Revenue dropped 54% year-on-year mostly because of a slump in commodity prices. At the same time, capital spending fell to $456 million in the second quarter from $957 million during the same time in 2015.
The oil and gas production company posted an adjusted loss per share of $0.14, greater than the estimated loss of $0.11 according to Bloomberg. It was the sixth straight quarterly loss.
Chesapeake raised its full-year production guidance by 3%, and maintained its estimate for capital investments. It expects to spend as much as $1.8 billion partly from cash it earns by cutting costs.
CEO Doug Lawler said in the earnings statement that Chesapeake has reduced its debt by more than $1 billion this year, and made more progress lowering its cash costs. The company lowered its full-year production-expense guidance.
“Financial discipline remains our top priority, and we continue to work toward additional solutions to improve our liquidity, reduce our midstream commitments and enhance our margins,” Lawler said.
Chesapeake shares have gained 17% this year.