Chesapeake Energy on May 8 reported a bigger first-quarter net loss, as it spent more than analysts had expected and took a hit from lower natural gas and crude prices, sending its shares down 4%.

The company's capital expenditure for the quarter was $605 million, while analysts had expected capex of $583.95 million, according to IBES data from Refinitiv.

"Chesapeake continues to outspend..., which we forecast to continue for the near future along with the sizeable debt/preferreds," analysts at SunTrust Robinson Humphrey wrote in a note.

U.S. oil producers have been under pressure from investors to cut spending and return cash to shareholders through dividends and share buybacks.

Chesapeake's daily average production fell 12.% to 484,000 barrels of oil equivalent per day (boe/d) in the quarter, but beat analysts expectations 466,169 bye/d, according to IBES data from Refinitiv.

Average realized prices for natural gas fell 12% to $3.07 per thousand cubic feet, natural gas liquids fell 2% to $20.03 per barrel, while oil prices fell marginally to $56.86 per barrel.

The Oklahoma-based company has been focusing more on oil production over natural gas after its operations took a hit due to lower natural gas prices.

Chesapeake closed its acquisition of Texas oil producer WildHorse Resource in a nearly $4 billion deal in February, adding to its acreage in Texas.

Net loss available to the shareholders widened to $44 million, or 3 cents per share, in the first quarter ended March 31, from $6 million, or 1 cent per share, a year earlier.

On an adjusted basis, Chesapeake earned 14 cents per share, in line with analysts' expectation.

Onshore