Chesapeake Energy Corp. shares surged 23 percent Wednesday after the company reported a $2.2 billion net loss in the fourth quarter but emphasized its financial flexibility in 2016.

Chesapeake's stock price jumped 50 cents to $2.69 a share, making the Oklahoma City oil and natural gas company Wednesday's largest percentage gainer on the New York Stock Exchange.

Chesapeake's fourth-quarter earnings included a noncash impairment charge of $2.8 billion because lower commodity prices reduced the value of its unproduced oil and natural gas. Adjusted for one-time items, Chesapeake lost $168 million, or 16 cents a share, down from a profit of $34 million, or 11 cents a share in the year-ago quarter.

"Despite the challenging commodity market, we made significant progress in 2015," CEO Doug Lawler said during a conference call Wednesday.