Today, Fool.com energy analyst Joel South looks at another energy company that released weak earnings: Chesapeake Energy (NYSE:CHK)

The company had huge writedowns, resulting in about $0.10 in adjusted earnings. As Joel points out, though, even despite this weakness, the company has tremendous assets, so investors need to realize that there is still a bit of value here. 

That doesn't mean Chesapeake is out of the woods, yet. The company still needs to fix its debt situation, and unloading assets is the most likely fix. However, that will increasingly be more difficult, because added regulation in the space has reduced foreign buying and caused Chesapeake to push out their expectations for when they'll be able to realistically unload those assets. 

Joel South has no positions in the stocks mentioned above. Taylor Muckerman has no positions in the stocks mentioned above. The Motley Fool owns shares of Ultra Petroleum and has the following options: long JAN 2013 $16.00 calls on Chesapeake Energy, short JAN 2014 $15.00 puts on Chesapeake Energy, long JAN 2014 $20.00 calls on Chesapeake Energy, long JAN 2014 $30.00 calls on Chesapeake Energy, short JAN 2014 $20.00 puts on Ultra Petroleum, long JAN 2014 $30.00 calls on Ultra Petroleum, long JAN 2014 $40.00 calls on Ultra Petroleum, and long JAN 2014 $50.00 calls on Ultra Petroleum. Motley Fool newsletter services recommend Ultra Petroleum. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.