Chesapeake Energy shows first-quarter loss

YOUNGSTOWN— Chesapeake Energy Corporation reported a net loss of $71 million for the first quarter of 2012.

The Oklahoma City-based company owns the majority of oil-and-gas leases in Mahoning and Columbiana counties.

Company officials said they intend to reduce capital expenditures for drilling, completion and leasing from first quarter 2012 levels for the remainder of the year and 2013.

Since 2000, Chesapeake has built the largest combined inventories of onshore leasehold of 15.6 million net acres and 3-D seismic, 31.8 million acres in the U.S., according to a company press release.

The company has also accumulated the largest inventory of U.S. natural gas shale play leasehold — 2.2 million net acres. The company claims to have a leading position in 11 of the top 15 unconventional liquids-rich plays in the U.S., including the Utica Shale.

For the complete story, read Thursday's Vindicator and Vindy.com