(Reuters) - Natural gas producer Chesapeake Energy Corp missed Wall Street estimates for first-quarter profit on Tuesday as persistently low natural gas prices weighed down on the company's top-line results.

The company's adjusted profit was 56 cents per share for the three months ended March 31, compared with analysts' average estimate of 60 cents per share, according to LSEG data.

Natural gas prices had dropped 20.4% in the first quarter compared with the year-ago quarter, as high inventory combined with lackluster demand resulted in producers such as Chesapeake curtailing gas production.

The company said that it plans to drop an additional rig in the Marcellus around mid-year.

Revenue from its natural gas, oil and natural gas liquids (NGL) unit dropped to $589 million, compared with $1.45 billion in the year-ago quarter.

Chesapeake, which is on the cusp of becoming the biggest natural gas producer pending its acquisition of Southwestern Energy, reported quarterly net production of 3.20 billions of cubic feet equivalent per day (bcfepd), utilizing an average of nine rigs.