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UPDATE 1-Chesapeake Energy reports quarterly profit after bankruptcy exit

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(Adds background on bankruptcy, details on the results)

May 11 (Reuters) - Chesapeake Energy Corp on Tuesday reported a quarterly profit of $295 million in its first earnings after emerging from bankruptcy in February.

Once the second-largest U.S. natural gas producer, Chesapeake filed for court protection last June, saddled with more than $9 billion debt from overspending on assets and a sudden decline in oil prices and demand from the pandemic.

Chesapeake on Tuesday also declared an annual dividend on its common shares of $1.375 per share. The dividend will be paid quarterly, with the first on June 10.

The company said it achieved an average net production rate of about 436,000 barrels of oil equivalent per day (boe) during the first quarter.

Chesapeake is currently operating seven rigs across its portfolio, with three rigs in Appalachia, three rigs in Haynesville and one rig in South Texas. (Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)

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