"We expect our total production to move higher throughout the year, driven by large turn-in-line projects underway in the Eagle Ford, Utica and Powder River Basin operating areas," even as CHK plans to operate fewer rigs by year-end, CEO Doug Lawler says.
CHK says it is "actively managing" its capex program for the rest of 2017, dropping to 14 rigs by year-end 2017 from 18 rigs currently.
CHK says Q2 revenue rose 42% Y/Y to $2.28B from $1.62B, as oil and gas revenue nearly tripled to $1.28B from $440M while marketing revenue fell to $1B from $1.18B; analyst consensus was for oil and gas revenue of $1.05B and marketing revenue of $1.24B.
Q2 total production averaged 548.3K boe/day, including a peak rate of 90.4K bbl/day of oil in July; the company says its goal of reaching 100K bbl/day of oil by year-end is on track.
CHK says its principal debt balance at the end of Q2 was ~$9.7B, vs. $10B at year-end 2016, with total liquidity $3.1B.
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