Chesapeake's earnings slide

Chesapeake Energy Corp. reported net income of $191 million, or 22 cents per share, during the second quarter, down from $580 million, or 66 cents per share during the same time last year.

The Oklahoma-based oil and gas company has been on a selling spree recently, divesting of non-core oil and gas assets, compression, real estate and other interests. Another $700 million in sales is expected to close by the end of the year, the company said, including some assets in southwestern Pennsylvania.

Chesapeake has two core areas in the Marcellus Shale, the dry gas portion in northeastern Pennsylvania where it moderately increased its drilling activity year over year, and the wet gas assets in southwestern Pennsylvania and West Virginia where drilling ramped up 67 percent since the second quarter last year.

Total revenue for the quarter was $5.2 billion, up from $4.7 billion a year ago.

Anya Litvak: or 412-263-1455.

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