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Chesapeake Energy Corp. $CHK reported before the market opened Thursday beating profit and revenue estimates for the second quarter. Chesapeake was boosted by oil and gas revenue which rose to $1.279 billion from $440 million. The factSet consensus was for oil and gas revenue of $1.057 billion and marketing revenue of $1.241 billion which came in lower at $1.002 billion, down from $1.182 billion. 

Earnings: Net income of $470 million, or 47 cents a share up from $75 million, or 8 cents a share, in the year-earlier period. Adjusted per-share earnings 18 cents, ahead of FactSet consensus of 14 cents. Revenue rose to $2.281 billion from $1.622 billion,

Reaction: Chesapeake Energy Corporation NYSE: $CHK morning 4.64 +0.02 (+0.32%), after being up over 4%

Guidance

Unchanged 2017 Production Guidance of 551.5 Mboe/d8/3/2017
  • Chesapeake Energy reported unchanged 2017 production guidance range of 541 Mboe/d and 562 Mboe/d, representing a mid-point guidance of 551.5 Mboe/d.
  • Average 2017 crude oil production is expected to be 93.8 Mboe/d
  • Natural gas production is anticipated to total 2,425 Mmcf/d.

Chief Executive Doug Lawler said in a statement. "Our assets continue to deliver improving well results due to longer laterals and enhanced completion techniques, with a new record operated well in the Marcellus being a prime example of this.  "We expect our total production to move higher throughout the year, driven by large turn-in-line projects underway in the Eagle Ford, Utica and Powder River Basin operating areas." 

Source: https://alphastreet.com/app#/company/CHK


Chart via: http://thecollegeinvestor.com/11445/chesapeake-energy-is-poised-to-grow/

 

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