Chesapeake Energy Corporation (NYSE:CHK) showed its earnings report for the three months through September 2013 this morning before the market opened on Wall Street. The company showed earnings of 24 cents per share for the three months on revenue totaling $4.87 billion. Despite the beat on revenue, shares in Chesapeake declined through the day.

Chesapeake Energy Logo

In the run-up to the release of this morning’s earnings report, analysts following Chesapeake Energy Corporation (NYSE:CHK) were looking for earnings of 42 cents per share for the third quarter. Consensus revenue estimates, which were garnered from a Bloomberg survey of 12 analysts, came to $3.6 billion.

Chesapeake earnings

Chesapeake showed an overall 2% decline in production of natural gas during the period on the back of asset sales. The company is moving into oil production in order to make up for that shortfall. Chesapeake Energy Corporation (NYSE:CHK) recorded a 23% year over year increase in oil production in the third quarter of the year.

Earnings excluding items came in at 43 cents per share at Chesapeake Energy Corporation (NYSE:CHK). Chesapeake did well in the third quarter, but the company’s shareholders do not appear to be happy. Stock is down this morning despite the better than expected earnings.

Chesapeake stock loss

The fall in the value of Chesapeake Energy Corporation (NYSE:CHK) on Wednesday’s market appears to be due to the headline miss on earnings. The company’s earnings excluding certain items came in at 43 cents per share, slightly ahead of the expectations of Wall Street. The better than expected margins did little to reassure the market this morning.

Today’s loss may put an end to a streak that saw Chesapeake Energy Corporation (NYSE:CHK) gain more than 60% since the start of 2013. The company’s management changes and its asset sales made it a better bet, and the market appeared willing to forgive it for the excesses of previous years. It’s unclear whether the company’s future will be supported by the market after today’s miss.

At time of writing shares in Chesapeake Energy Corporation (NYSE:CHK) had fallen by more than 6% in morning trading in New York. The company’s shares briefly spiked after the announcement of earnings results, but the grace period did not last.