Chesapeake Energy’s third-quarter earnings hit Wall Street expectations and the company said oil production rose, but its shares still slid nearly 7 percent Wednesday in heavy trading.The Oklahoma City-based oil and natural gas producer earned $156 million, or 24 cents a share, on revenue of $4.9 billion, which included $1.6 billion in oil and gas sales. Adjusted earnings were 43 cents a share, equal to financial analysts’ consensus estimate.Chesapeake’s oil production rose 23 percent from a year ago to 120,000 barrels a day, and it said it expects oil production in all of 2013 to rise 28 to 34 percent. It trimmed its planned drilling and leasing spending in 2013 by $300 million.Tim Rezvan, an analyst with Sterne Agee, said in a note to clients that he expected a positive response from investors. But instead the stock (ticker: CHK) slumped 6.8 percent to $26.23 as nearly 31 million shares traded hands, more than triple the average volume. Chesapeake’s shares had been on a roll since the April resignation of founder Aubrey McClendon and are still up 58 percent for the year.
Jim Fuquay, 817-390-7552 Twitter: @jimfuquay