Reuters: Global Markets: Chesapeake Energy shares tumble

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Chesapeake Energy shares tumble May 2nd 2012, 13:00 Wed May 2, 2012 9:00am EDT (Reuters) - Chesapeake Energy Corp (CHK.N) shares fell nearly 11 percent in trading before the bell on Wednesday after the company reported earnings that disappointed investors. Wall Street analysts pointed to the company's higher-than-expected natural gas output, which increased quarter on quarter, even as the company sought to cut production. Chesapeake reported its results on Tuesday after the market had closed. Reuters also reported that Chesapeake Chief Executive Officer Aubrey McClendon ran a $200 million hedged fund that traded the same commodities that the company produces. Shares of Chesapeake were trading at $17.45, down sharply from Tuesday's New York Stock Exchange close of $19.60.

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