(RTTNews) -  Monday, upstream oil company Chesapeake Energy Corp. (CHK: News ), reported a huge drop in profit for the third quarter ended September 30, impacted by drop in energy prices. Looking ahead, the company, however, reaffirmed its production outlook for the full year.

The Oklahoma City, Oklahoma-based company's net income attributable to common shareholders dropped to $186 million or $0.30 per share from $3.29 billion or $5.62 per share in the year-ago quarter. Adjusted net income to common shareholders was $440 million or $0.70 per share, down from $495 million or $0.87 per share for the year-ago quarter.

The adjustments include an adjustment of unrealized losses of $166 million for the third quarter, compared with unrealized gains of $2.85 billion for the year-ago period.

On average, twenty six analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share for the third quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter dropped to $1.81 billion from $7.49 billion in the previous year quarter. Analysts were expecting revenues of $1.96 billion.

In the sequentially preceding second quarter, the company had turned into profit and reported a net income attributable to common shareholders of $237 million or $0.39 per share, compared with a net loss available to common shareholders of $1.64 billion or $3.16 per share for the same quarter a year earlier.
Excluding one-time items, Chesapeake generated adjusted net income attributable to common shareholders of $377 million or $0.62 per share, compared to $485 million or $0.90 per share in the year-earlier second quarter. Total revenues for the second quarter was $1.67 billion, compared to negative revenues of $455 million in the prior-year quarter.

Amongst others in the industry, Anadarko Petroleum Corp. (APC), in its third quarter, reported a plunge in profit attributable to common stockholders of $200 million or $0.40 per share from $2.2 billion or $4.58 per share last year. Revenues dropped to $2.7 billion from $6.1 billion in the year-earlier quarter.

Another player, Chevron Corp. (CVX: News ) on October 30, reported a second quarter profit of $3.83 billion or $1.92 per share, down 51% from $7.89 billion or $3.85 per share in the same period last year. Total revenues and other income were $46.63 billion, down 41% from $78.87 billion in the prior-year quarter.

For the quarter under review, Chesapeake Energy's natural gas and oil sales dropped to $1.19 billion from $6.41 billion for the year-ago quarter. Revenues from marketing, gathering and compression sales slipped to $575 million from $1.04 billion for the same quarter last year. However, service operation revenues were $49 million, up from $45 million for the year earlier period.

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