Seeking Alpha

Chesapeake +2.5% premarket on strong Q3 results, production outlook

  • Chesapeake Energy (CHK) +2.5% premarket after Q3 earnings beat estimates and revenue rose 64% Y/Y to $4.87B.
  • Total production slipped 2% to 4B cfe/day primarily due to asset sales; adjusted for the sales, production rose ~8% Y/Y and 5% Q/Q.
  • Average daily natural gas liquids production rose 31%, while oil production gained 23% and natural gas production fell 10%.
  • Raises full-year oil-production outlook by 2M barrels to a range of 40M-42M barrels, a 28%-34% increase Y/Y; full-year 2013 drilling, completion and leasehold capex fell by $300M to $5.7B-$6B.
  • Expects to complete another $600M in asset disposals during Q4 after already raising $3.6B from asset sales YTD.
  • Operating expenses fell 28% to $4.43B.
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Comments (3)
  • al roman
    , contributor
    Comments (5720) | Send Message
    Some positioning going on coming to the head.
    6 Nov 2013, 10:54 AM Reply Like
  • bdoeden
    , contributor
    Comments (63) | Send Message
    This good news sure fell flat!
    6 Nov 2013, 11:17 AM Reply Like
  • al roman
    , contributor
    Comments (5720) | Send Message
    Don't like the weather,wait a minute.
    6 Nov 2013, 11:18 AM Reply Like
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