UPDATE: Chesapeake Energy Q4 Profit Misses Estimates, Shares Drop

Shares of

dropped more than 3% in pre-market trading after the company reported weaker-than-expected earnings for the fourth quarter. However, the company's revenue exceeded analysts' estimates. The Oklahoma City, Oklahoma-based company posted a quarterly profit of $586 million, or $0.81 per share, compared to $159 million, or $0.24 per share, in the year-ago period. Excluding non-recurring items, the company earned $0.11 per share. Its revenue climbed to $5.05 billion from $4.54 billion. However, analysts were expecting earnings of $0.24 per share on revenue of $4.83 billion. Adjusted EBITDA slipped to $916 million from $1.132 billion, while operating cash flow fell to $873 million from $995 million. Average daily production gained 12% in the quarter. For 2015, Chesapeake Energy announced its plans to lower capital expenditure to $4 billion to $4.5 billion. Chesapeake Energy shares fell 3.17% to $19.25 in pre-market trading.