— Chesapeake Energy Corporation (NYSE: CHK) reported a loss of $0.04 per share in the fourth quarter of 2019, vs $0.06 per share loss expected.
— Q4 revenue fell 31% to $1.9 billion, vs. $2.1 billion expected.
— Oil production grew approximately 45% YoY in Q4 amidst decline in average prices for its oil, natural gas and NGL production.
— For 2020, the company sees Capex budget cut of about 30%. Chesapeake also plans to maintain flat oil production, while decreasing gas production.
— CHK shares rose 4.7% immediately following the announcement.
ADVERTISEMENT
Get access to timely and accurate verbatim transcripts that are published within hours of the event.