OKLAHOMA CITY (TheStreet) -- Chesapeake Energy (CHK) - Get Report used an enormous windfall from oil and natural-gas hedging trades to post a sharp rise in second-quarter profit Monday.

Excluding the gain, which amounted to almost $600 million, as well as a series of charges, the Oklahoma company said it took in $377 million, or 62 cents a share. A year ago, Chesapeake lost $1.6 billion, largely because of hedging losses.

Analysts, who normally exclude these kinds of items from their estimates, foresaw adjusted earnings of 51 cents a share.

Chesapeake, meanwhile, reported a top line of $1.67 billion, below analysts' estimates of $1.89 billion.

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In a statement after the closing bell, the oil and natural gas explorer praised itself for the results, arguing that it turned in a profit despite a 70% drop in natural gas prices in the second quarter compared with the year-ago period.

Chesapeake shares were trading about 20 cents higher in after-hours action Monday following a regular session during which they gained more than 4% to $22.36.

-- Reported by Scott Eden in New York.

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