UPDATE 1-Chesapeake to buy back $1 billion in shares

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Dec 2 (Reuters) - Chesapeake Energy Corp on Thursday authorized the repurchase of up to $1 billion of common stock, becoming the latest shale producer to focus on shareholder returns, as energy prices recover from pandemic lows.

Producers are benefiting from a run-up in oil and natural gas prices, as the market rebounds from blistering losses during the pandemic.

Most publicly traded energy companies have vowed to focus on shareholder returns over increasing production.

"We estimate that total cash dividends to be paid to shareholders in 2022 will range from $800 million to $1 billion, based on our recent outlook and the current commodity price environment," Chesapeake Chief Executive Officer Nick Dell'Osso said.

Oil majors Chevron Corp and Exxon Mobil Corp are among the other companies that have resumed share repurchases after halting them last year due to a pandemic-induced slump in oil prices.

Chesapeake was one of the worst-hit, filing for bankruptcy last year due to its ballooning debt. (Reporting by Arunima Kumar in Bengaluru; Editing by Shounak Dasgupta)