Categories AlphaGraphs, Earnings, LATEST, Other Industries

Chesapeake Energy swings to profit in Q2

Chesapeake Energy Corporation (NYSE: CHK) swung to profit in the second quarter from a loss last year, driven by higher oil production mix and a decrease in GP&T and general and administrative expenses. The results benefited from rising oil production, enhancing capital efficiency, growing margins and progressing towards sustainable free cash flow.

Net income was $0.05 per share, compared to a loss of $0.30 per share in the previous year quarter. Adjusted loss narrowed to $0.10 per share from $0.13 per share a year ago.

Revenue rose by 4% to $2.39 billion as higher revenue from oil, natural gas, and natural gas liquids offset declines in marketing revenue.

Chesapeake Energy swings to profit in Q2

For the second quarter, average production stood at 496,000 boe compared to 530,000 boe reported last year. Oil production represented about 25% of the company’s 2019 second quarter aggregate production compared to 17% in the 2018 second quarter.

Chesapeake produced about 122,000 barrels of oil per day, the highest quarterly oil production in the company’s history. This was driven by the integration of Brazos Valley asset, steady growth from the PRB and improved base production performance from South Texas and the Mid-Continent.

Chesapeake invested total capital expenditures of about $559 million during the second quarter, compared to about $530 million a year earlier. The increase was largely attributable to an increase in net wells spud, completed and connected.

Also read: ExxonMobil Q2 earnings review

Chesapeake is evaluating options to be a shipper on a crude pipeline that will deliver Brazos Valley oil volumes into the Houston, Texas market beginning in the 2020 fourth quarter. Chesapeake is also pursuing a new gathering agreement in the area that would lower the current reliance on trucking oil volumes and improve its cost structure in the region. The company expects to have this new gathering agreement in place for the operating area during the second half of 2019.

Looking ahead, the oil production is poised to increase in the second half of 2019 as about 170 oil wells are expected to be placed to sales, an increase of about 50% over the first half. The company is projected to grow oil production by double-digits in 2020 on about flat year-over-year capex, yielding about flat adjusted EBITDAX at current NYMEX strip pricing and current hedge position.

Shares of Chesapeake Energy ended Monday’s regular session down 4.88% at $1.56 on the NYSE. Following the earnings release, the stock rose over 3% in the premarket session.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

AVGO Earnings: Broadcom Q2 2024 revenue and profit beat estimates

Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Wednesday reported higher second-quarter revenues and adjusted earnings. The results also topped analysts' expectations. Earnings, excluding non-recurring items, came in at $10.96 per

Key takeaways from Oracle’s (ORCL) Q4 2024 earnings report

Oracle Corporation’s (NYSE: ORCL) stock rallied this week after the company announced large cloud infrastructure deals with tech giants Google, OpenAI, and Microsoft. The demand for Oracle's generative AI infrastructure

ZDGE Earnings: Zedge reports higher revenues and adj. profit for Q3 2024

Content distribution platform Zedge, Inc. (NYSE American: ZDGE) has reported higher net income for the third quarter of 2024, on an adjusted basis. The bottom line benefitted from a double-digit

Comments

  1. Pingback: Leandro Farland
  2. Pingback: Accounting degree
  3. Pingback: fue
  4. Pingback: Pharmacognos
  5. Pingback: Rota evaporators
  6. Pingback: Dentist Near Me
  7. Pingback: fue
  8. Pingback: Biochemistry
  9. Pingback: FUE
  10. Pingback: Endodontics
  11. Pingback: machine hip thrust
  12. Pingback: Fiverr Earn
  13. Pingback: Fiverr Earn
  14. Pingback: fiverrearn.com
  15. Pingback: fiverrearn.com
  16. Pingback: TLI
  17. Pingback: fiverrearn.com
  18. Pingback: fiverrearn.com
  19. Pingback: fiverrearn.com
  20. Pingback: fiverrearn.com
  21. Pingback: fluffy bully
  22. Pingback: cavapoos
  23. Pingback: seo in Bahrain
  24. Pingback: vietravel tour
  25. Pingback: future university
  26. Pingback: future university
  27. Pingback: bulldogs puppy
  28. Pingback: french bulldog
  29. Pingback: fue
  30. Pingback: FUE
  31. Pingback: FUE
  32. Pingback: Safe moving
  33. Pingback: Organized moving
  34. Pingback: Local movers
  35. Pingback: Classic Books 500
  36. Pingback: FiverrEarn
  37. Pingback: FiverrEarn
  38. Pingback: FiverrEarn
  39. Pingback: partners
  40. Pingback: aquapeace reviews
  41. Pingback: Governance
  42. Pingback: live sex cams
  43. Pingback: live sex cams
  44. Pingback: FiverrEarn
  45. Pingback: FiverrEarn
  46. Pingback: FiverrEarn
  47. Pingback: FiverrEarn
  48. Pingback: FiverrEarn
  49. Pingback: FiverrEarn
  50. Pingback: FiverrEarn
  51. Pingback: FiverrEarn
  52. Pingback: FiverrEarn
  53. Pingback: what is seo
  54. Pingback: education
  55. Pingback: sns
  56. Pingback: Kuliah Termurah
  57. Pingback: FiverrEarn
  58. Pingback: FiverrEarn
  59. Pingback: neuropure legit
  60. Pingback: fullersears.com
  61. Pingback: live sex cams
  62. Pingback: live sex cams
  63. Pingback: rare breed-trigger
  64. Pingback: Alienlabs Gelato
  65. Pingback: 늑대닷컴
  66. Pingback: allgame
  67. Pingback: 918kiss
  68. Pingback: หวย24
  69. Pingback: pg slot
  70. Pingback: Raahe Guide
  71. Pingback: 25-06 ammo
  72. Pingback: itsMasum.Com
  73. Pingback: itsMasum.Com
  74. Pingback: nangs Sydney
  75. Pingback: itsmasum.com
  76. Pingback: itsmasum.com
  77. Pingback: joker gaming
  78. Pingback: istanbul jobs

Comments are closed.

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top