Oklahoma-based petroleum and natural gas company Chesapeake Energy today reported that its fourth quarter bottom line increased to $309 million or $0.33 per share, resulting from debt reduction efforts that it had implemented through 2017, as well as increased cash flow. On an adjusted basis, net income attributable to Chesapeake was $314 million, or $0.30 per diluted share.
The company revenue for the quarter jumped 24.8% to $2.52 billion, up from $2.02 billion a year ago.
The natural gas producer’s oil, natural gas and NGL unhedged revenue in the fourth quarter jumped 16% year-over-year, driven by a 3% spike in volumes and higher commodity prices.
For 2018, Chesapeake expects production, adjusted for asset sales, to grow about 3% year-over-year, while oil volumes are expected to grow about 5% compared to 2017 levels.
