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| Comment!
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.
Aug. 6, 2014, 7:04 AM| Comment!
Aug. 5, 2014, 5:30 PM
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May. 7, 2014, 8:23 AM
- 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.
May. 7, 2014, 7:02 AM| Comment!
May. 6, 2014, 5:30 PM
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Feb. 26, 2014, 8:15 AM
- Chesapeake Energy (CHK) -3.1% premarket after swinging to an unadjusted Q4 loss, hurt by charges related to its efforts to reduce debt and simplify its balance sheet, and adjusted earnings and revenues fall short of expectations.
- Average daily oil production rose 15% Y/Y but fell 7% Q/Q, average daily natural gas liquids production gained 26% Y/Y and 9% Q/Q, and natural gas production slipped 3% Y/Y and 1% Q/Q; planned reductions were responsible for most of the decrease, but cold weather also had an impact.
- So far in 2014, CHK has received $209M net proceeds from asset sales and expects to receive $150M-plus related to asset sales in 2012-13; the anticipated sale of its oilfield services business is seen generating another $650M.
- Proved reserves were 2.7B boe at year-end 2013, a 2% increase from year-end 2012.
Feb. 26, 2014, 7:06 AM| 5 Comments
Feb. 26, 2014, 12:05 AM
Feb. 25, 2014, 5:30 PM
Nov. 6, 2013, 12:31 PM
- The initially favorable reaction to Chesapeake Energy's (CHK -6.7%) Q3 earnings announcement is turning into a rout, as shares turn sharply negative on a forecast of lower oil production this quarter.
- Higher-than-expected oil production in Q3 helped CHK beat expectations, but weather disruptions and asset sales will cut Q4 output by ~9K bbl/day, the company said on its earnings call.
- This quarter, CHK plans to operate an average of 59 rigs and to complete ~14 fewer wells Q/Q, prompting CHK to lower its 2013 full-year outlook for drilling and well completion costs to $5.5B-$5.8B from $5.7B-$6B.
Nov. 6, 2013, 8:15 AM
- 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.
Nov. 6, 2013, 7:04 AM| 4 Comments
CHK vs. ETF Alternatives
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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