Chesapeake Energy reports higher profit on soaring crude prices

(Reuters) - Shale oil and gas producer Chesapeake Energy Corp said on Wednesday its quarterly adjusted profit rose 14.5% in the fourth quarter from the third, helped by a surge in energy prices on record demand and supply concerns.

Chesapeake, which emerged from bankruptcy at the start of 2021, said its adjusted profit increased to $308 million, or $2.39 per share, in the quarter ended Dec. 31, from $269 million, or $2.38 per share, in the third quarter.

(Reporting by Shariq Khan; Editing by Maju Samuel)

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