Chesapeake Energy Earnings Slide But Top Forecasts
-
Font Size:
Chesapeake Energy said late Tuesday it earned $346M ($0.72/share), down 34% from the $523M ($1.13/share) reported a year earlier, hurt by lower natural gas prices, even though production climbed 27%. The average price realized for natural gas fell to $7.41/mcf from $8.39/mcf, last year. Excluding items, earnings were $330M ($0.69/share). Revenue for the quarter was $2.03B, up from $1.93B in the 2006 quarter. Analysts had
expected the natural gas producer to post earnings of $0.60/share on revenue of $1.65B, on average, according to Thomson. Daily production during the quarter rose to an average of 2.026 billion cubic feet equivalent from 1.597 bcfe in the 2006 quarter. Looking ahead, the company raised its production guidance, saying it now sees growth of 21%-23% for 2007 and 18%-22% for 2008, rather than its previous views of 18%-22%, 14%-18%, respectively. It reaffirmed its outlook for 2009 production growth of 12%-16%. It expects proved reserves to grow by 20%-25% to about 11 trillion cubic feet equivalent this year and boosted its year-end 2008 and 2009 expectations to 12.5-13 tcfe and 14-15 tcfe from 12 tcfe and 13 tcfe, respectively, previously. Shares edged up 0.4% to $40.85 AH, after climbing 2.6% ahead of the results.
Commentary: Chesapeake 3Q Easily Beats Numbers; Guides Up Again • Is Chesapeake Energy Selling Assets For More Drilling?
Stocks to watch: CHK. Competitors: APC, BP, COP. ETFs: IEO, PUW
Earnings call transcript: Chesapeake Energy Q2 2007
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.
Get Seeking Alpha Free Stock Alerts by Email!
Get Free Stock Alerts by Email!
-
Editor's Picks
-
Most Popular
- Ecolab: Strong Price Momentum and High Quality Financials
- Assurant Is A Compelling Short Sell
- Broadcom Enters FTTH Chipset Market
- Another Macroshares Oil Arbitrage Opportunity
- Freeport McMoran: With Copper Prices Rising, It's Still a Buy
- Oil and the Futures Market
- Full list of Editor's Picks »
- High Likelihood of a Market Crash »
- Time To Start Buying Some Dogs? »
- Sirius-XM Combination: A Future Microsoft Acquisition? »
- JP Morgan Offer for Wachovia Makes Sense »
- High-Yield Canadian Royalty Trusts: What's the Catch? »
- 7 Stocks I'm Buying Now »
- Adding to My GE Position »
- 7 Stocks for a High Yield Cash Flow Portfolio »
- Drybulk Shipping: Prepare for a New Record High »
- Nokia: Bargain of a Lifetime - Barron's »
- Top 10 Payout Yield Stocks »
-
Long Ideas
-
Short Ideas
-
Cramer's Picks
- Spectra Energy: Gas Pipelines Make Great Recession Proof Stocks
- Barron's Drinks to Constellation
- Adding Wood to Your Portolio: A Worthwhile Investment
- Arkansas Steel: 10 Structural Changes That Should Trump the Business Cycle
- Gross Margin Drivers at Potash Corp. (Part II)
- A New Strategy for EXACT Sciences
- Cytori Therapeutics: The Stem Cell 'Celution' for Success
- LDK Solar: The Brightest Opportunity?
- Big Lots, Wal-Mart and Costco: 3 Musketeers of the Pooring of America
- What's Behind Hansen's Smackdown?
- Full list of Long Ideas »
- Crystal River’s Q2 Write-Downs Could Bankrupt the Company
- Assurant Is A Compelling Short Sell
- Fuel Systems Solutions: Time to Take Profits
- GM an Unlikely Hero - Fast Money Recap (7/1/08)
- Pair Trade Visa and Capital One
- Amazon's Kindle Numbers: All Fluff, Zero Substance
- A. Schulman: Cashless Profits
- Titan Machinery: Doesn't Anybody Look at Valuation?
- Goodrich Petroleum: Gas in the Ground Doesn't Mean Cash in the Bank
- Outlook Remains Grim for MBIA, Ambac
- Full list of Short Ideas »
- StanCorp a Safe Financial - Cramer's Lightning Round (7/2/08)
- Momentum Stocks Stalled - Cramer's Stop Trading! (7/3/08)
- Expecting a Lift for Pediatrix: Cramer's Mad Money (7/3/08)
- The Most Bullish Thing - Cramer's Stop Trading! (7/1/08)
- Exelon's Got Nukes - Cramer's Lightning Round (7/1/08)
- Prescription Prediction for Allscripts - Cramer's Mad Money (7/1/08)
- Rex Marks the Spot - Cramer's Lightning Round, (6/30/08)
- Medicare Bill Buys - Cramer's Mad Money (6/30/08)
- Cracker Bottom of the Barrel - Cramer's Lightning Round (6/27/08)
- Britannia Bulk Rules the Waves - Cramer's Mad Money (6/27/08)
- Full list of Cramers Picks »
Most Popular Feeds
-
ETFs
-
US Market
-
Long Ideas
-
Alt. Energy
- Full list of feeds »
Hedge Fund Jobs
Job Seekers:
- Search jobs by category
- Get job alerts by email or live feed
- Apply online
Employers
- See all recruitment options
- Get applications online or by email



