Wed, Nov. 4, 8:57 AM
- Chesapeake Energy (NYSE:CHK) +5.9% premarket after reporting a smaller than expected Q3 loss, which excludes impairment charges and other special items totaling $5.42B and adds to the ~$10B in impairment charges it already had booked this year.
- CHK's Q3 revenues fell 49.3% Y/Y to $2.89B from $5.7B, and adjusted EBITDA was $560M vs. $1.236B in the year-ago quarter; Q3 drilling and completion expenses fell 41% Q/Q to $467M.
- Q3 production averaged 667K boe/day, up 3% Y/Y after adjusting for asset sales, while its average realized price fell 40% to $15.45/boe.
- CHK says Q3 capital spending fell to $623M from $1.52B in the prior-year period, and cuts its full-year capex target to $3.4B-$3.9B from $3.5B-$4B.
Wed, Nov. 4, 7:03 AM
Tue, Nov. 3, 5:30 PM
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Wed, Aug. 5, 8:28 AM
- Chesapeake Energy (NYSE:CHK) +1.9% premarket after meeting Wall Street expectations with an $0.11/share Q2 loss on $3B in revenues that came in 41% less than a year ago but slightly better than estimates.
- On a GAAP basis, CHK reported a net loss of $4.15B, or $6.27/share, primarily due to a $3.67B drop in the carrying value due to the low prices for oil and natural gas; the drop was roughly the same size as CHK's Q1 drop in carrying value.
- CHK says its Q2 production averaged 703K boe/day, up 13% Y/Y and up 2% Q/Q, adjusted for asset sales, consisting of 119.5K barrels of oil, 3B cf of natural gas and 79.2K barrels of natural gas liquids, which represent respective Y/Y increases of 11%, 11% and 24%.
- Natural gas accounts for 72% of CHK's production, and the company's average realized price for natural gas for Q2 was $1.01/Mcf, down from $2.45 a year ago and $2.37 in Q1; the average realized price per barrel of oil was $67.91, down ~$17.50/bbl Y/Y but up more than $5 Q/Q.
- Operating cash flow at the end of Q2 was $606M, compared to $1.269B in the prior-year quarter.
- CHK revises its outlook for the rest of 2015, with total production now expected to rise 5%-7% to 667K-677K boe/day, up 4% from the midpoint of prior guidance.
Wed, Aug. 5, 7:04 AM
Tue, Aug. 4, 5:30 PM
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Wed, May 6, 8:26 AM
- Chesapeake Energy (NYSE:CHK) +1.5% premarket after beating Q1 earnings estimates but falling well short on revenues, and slightly raising its oil and gas production forecast for the year.
- CHK posted adjusted EBITDA of $928M vs. $1.515B in the year-ago quarter, and cash flow fell to $910M from $1.614B, due mostly to lower realized oil, natural gas and natural gas liquid prices.
- CHK’s Q4 average realized price for oil was $62.57/bbl, down from $85.08 in last year's Q1 and $76.40 in Q4, natural gas prices fell $0.90/MMcf Y/Y and $0.65 Q/Q, and natural gas liquids prices fell $22.46/bbl Y/Y and $6.12 Q/Q.
- CHK says Q1 oil and gas production averaged 686K boe/day, up 14% Y/Y after adjusting for asset sales, and now expects output of 640K-650K boe/day following its earlier forecast of 635K-645K.
- CHK operated 54 rigs on average in the quarter, compared with 67 in Q4 and 60 in the prior-year period, and expects to finish 2015 with 35-45 rigs, down 38% from an average of 64 rigs in 2014 and the lowest total since 2004.
- Says Q1 average production costs totaled $4.84/boe, down 5% Q/Q and 2% lower Y/Y.
- Q1 capital spending rose 8.6% Y/Y to $1.49B; reiterates guidance for $3.5B-$4B in capex for the full year.
Wed, May 6, 7:01 AM
Tue, May 5, 5:30 PM
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Wed, Feb. 25, 8:18 AM
- Chesapeake Energy (NYSE:CHK) -4.4% premarket after reporting weaker than expected Q4 earnings and saying it will cut its 2015 spending and rig count in response to lower crude oil prices.
- CHK says it plans total capital spending of $4B-$4.5B in 2015, 37% lower at the midpoint than the $6.7B spent in 2014, and will operate only 35-45 rigs this year, the lowest number since 2004 and down from an average of 64 rigs in 2014.
- Even with the cutbacks, CHK forecasts 2015 oil and gas production to grow 3%-5% to 645K-655K boe/day.
- In Q4, CHK's average production increased 12% Y/Y to 729K boe/day, while revenue rose 11% to $5.05B and driven by 47% revenue growth in its natural gas, oil and natural gas liquid segment; operating expenses fell 4.7% to $4.09B.
Wed, Feb. 25, 7:05 AM
Tue, Feb. 24, 5:30 PM
Nov. 5, 2014, 9:17 AM
- Chesapeake Energy (NYSE:CHK) +3.8% premarket after Q3 earnings easily beat Wall Street estimates, posting a 17% Y/Y increase in revenues driven by 48% revenue growth in its natural gas, oil and natural gas liquid segment as production increased.
- Q3 production averaged 725.6K boe/day, up 11% Y/Y, adjusted for asset sales; oil production rose 5% to 118.9K bbl/day, production of natural gas liquids jumped 14% to 95.9K bbl/day, and natural gas production gained 3% to 3.1B cf/day.
- Analysts at Tudor Pickering Holt had estimated CHK's Q3 production at 704K boe/day, and characterize the results as a "strong beat."
- For the full year, CHK estimates production to rise 9%-12%, with liquids production up 29%-33%, oil production up 11%-15%, NGL production up 63%-68%, and natural gas production up 4%-6%. The daily equivalent total is expected to be 695 million to 705 million barrels a day.
Nov. 5, 2014, 7:02 AM
Nov. 4, 2014, 5:30 PM
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Aug. 6, 2014, 8:26 AM
- Chesapeake Energy (NYSE:CHK) -3.3% premarket after missing Q2 earnings estimates, hurt by a loss on the repurchase of debt securities related to a refinancing and lower prices for natural gas liquids.
- However, CHK raises its midpoint of 2014 production outlook by 10K boe, or 1.5%, to 685K-705K boe/day, attributable to better production trends in H1 and an expected increase in well connections during H2.
- Q2 oil and natural gas production, adjusted for asset sales, totaled 694,650 boe/day, up 13% Y/Y, consisting of ~113K bbl/day of oil, 84.3K bbl/day of NGL and 3B cf/day of natural gas.
- Q2 production of natural gas liquids rose 72% but the average price CHK received in the quarter fell 13% to $21.03/bbl.
Chesapeake Energy Corp is a natural gas and oil exploration and production company. It explores, develops and acquires properties for the production of natural gas and crude oil from underground reservoirs and also provides marketing & midstream services.
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