Visitors Now:
Total Visits:
Total Stories:
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Chesapeake Energy posts surprise profit

Thursday, November 3, 2016 8:03
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Shale giant Chesapeake Energy Corp (NYSE:CHK) posted a surprise underlying profit in its latest quarter.

Revenues tumbled by a third as the weak oil price combined with closures and disposals, but net income on an underlying basis was US$27mln and underlying income [EBITDA] US$421mln.

Analysts had forecast an adjusted loss of 3c per share instead of the 9c of earnings Chesapeake posted.

Doug Lawler, chief executive, said the oil and gas group had made progress reducing leverage, decreasing total cash costs and improving future midstream expenses.

Average daily production was 638,100 barrels oil equivalent, with a range 550,000 and 570,000 boe forecast in the current three months.

Revenues were US$2.8bn (US$3.38bn) over the quarter and Chesapeake posted a net loss of US$1.2bn (US$4.7bn) after write-downs and adjustments.

Debt at the end of the period was US$9.6bn and down from US$11.7bn a year ago.

Shares rose 1% to US$5.38.

Story by ProactiveInvestors

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.