Chesapeake CEO to Discuss Company Earnings Report
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KLAHOMA CITY (AP) - Chesapeake Energy Corp. CEO Aubrey McClendon is set to discuss his company's latest earnings report, which showed a $205 million loss during the first quarter of 2011. McClendon will discuss the report with analysts on a conference call Tuesday. The company reported Monday the loss came from the marking down of the value of derivatives contracts used to guard against rising energy costs. The loss was 32 cents per share and revenue fell during the quarter to $1.61 billion because Chesapeake marked down the value of some so-called hedges by $725 million. Because those losses aren't locked in, they still could grow or shrink. Excluding special items, Chesapeake earned $518 million, or 75 cents a share, during the quarter, which was above analysts' expectations.