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

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. 

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