Shares of Chesapeake Energy Corp. /zigman2/quotes/201364537/composite CHK -4.03% surged 3.9% in premarket trading Tuesday, to bounce off a 20-year low in the previous session, after the oil and gas company reported a wider-than-expected loss but revenue that rose above analyst forecasts. The company swung to net income of $75 million, or 5 cents a share, from a loss of $272 million, or 30 cents a share, in the year-earlier period. Excluding non-recurring items, the adjusted loss was 10 cents a share, compared with the FactSet loss consensus of 6 cents a share. Total revenue rose to $2.39 billion from $2.29 billion, to top the FactSet consensus of $2.37 billion, as oil and gas revenue grew to $1.45 billion from $982 million to beat expectations of $1.24 billion. Average daily production declined to 496,000 barrels of oil equivalent (boe) from 530,000 boe. Chief Executive Doug Lawler said the company was raising the midpoint of its full-year oil production guidance by about 250,000 barrels. The stock, which closed Monday at the lowest level since April 1999, has tumbled 46.0% over the past three months, while the SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE -0.54% has lost 8.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.02% has declined 3.0%.