Oklahoma City natural gas company, Chesapeake Energy Corporation has reported a loss of $2.06 billion during the third quarter of the year.

The company had recorded a net income of $879 million during the third quarter of the previous year. The adjusted earnings of the company excluding special items were recorded at the level of $33 million. Revenue of the firm declined to $2.97 billion from $3.98 billion.

The total production of the company increased 24 percent compared to the previ0us year. The company sold natural gas on an average of $1.97 per 1,000 cubic feet, which is much lesser than average of $4.82 per 1,000 cubic feet recorded in the previous year. Oil prices have risen 10 percent to $90.79 per barrel in the markets. The company is expecting the natural gas production to fall 7 percent next year as it increases its focus on oil and gas liquids. It expects the production of liquid fuel to rise 29 percent in 2013.

Chesapeake, like other natural gas producers, has struggled in the market due to low natural gas prices because of low demand in the global markets. It is looking to sell assets in order to be able to pay off huge dent that it incurred in recent years due to purchases of land and other assets.