Seeking Alpha

Chesapeake +2.6% as Q1 profit, revenue surges

  • Chesapeake Energy (CHK) +2.6% premarket and may be poised to begin trading at a 52-week high after Q1 earnings and revenues skyrocket Y/Y and easily beat Wall Street expectations.
  • Q1 oil and gas production totaled 675.2K boe/day, up 11% Y/Y after adjusting for asset sales, consisting of 109.5K barrels of oil, 84.2K bbl of natural gas liquids and 2.9B cf of natural gas.
  • Average price it received for its gas during Q1 was $3.27/M cf, up from $2.13/M cf a year ago.
  • Raises 2014 total production growth outlook 9%-12%, up from an earlier forecast of 8%-10% growth, to reflect higher than expected natural gas liquids volumes; raises the midpoint of 2014 operating cash flow outlook by 13% to $5.8B-$6B from prior $5.1B-$5.3B due primarily to the increased production outlook.
Comments (3)
  • BTM
    , contributor
    Comments (388) | Send Message
    I'm long CHK and I approve of these earnings.
    7 May 2014, 09:29 AM Reply Like
    , contributor
    Comments (1158) | Send Message
    good, but Oil is going wrong way in last few weeks, I am long a good amount of (CHK) but if we keep going up will trim my pos.
    7 May 2014, 10:05 AM Reply Like
  • Candace Paragus
    , contributor
    Comments (227) | Send Message
    they still have 3 new buildings sitting empty in OKC......
    8 May 2014, 09:10 AM Reply Like
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