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Chesapeake Energy posts surprise profit

Thursday, November 3, 2016 8:03
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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.

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