Chesapeake Energy Corp. (NYSE: CHK) has reported a sharp increase in earnings for the fourth quarter of 2022 when the energy company’s revenues grew in double digits.
Adjusted profit increased a whopping 77% year-over-year to $4.22 per share in the fourth quarter. Net income, on an unadjusted basis, more than doubled to $3.51 billion or $24.0 per share. Earnings benefited from a 34% surge in revenues to $4.13 billion.
The company produced approximately 4.05 bcfe/d net (90% natural gas) during the quarter. Looking ahead, the management expects capital expenditures to be between $1.765 billion and $1.835 billion in fiscal 2023.
Read management/analysts’ comments on quarterly earnings reports
“Behind our disciplined capital allocation, proactive hedging program, and strong balance sheet, we anticipate generating significant free cash flow from operations. When combined with proceeds from recent Eagle Ford divestitures, we expect that our plan will allow us to again deliver our leading shareholder return framework in the year ahead,” said Chesapeake’s CEO Nick Dell’Osso.