UPDATE 2-Chesapeake forecasts strong oil output for 2020, shares rise 6% [Reuters]
Chesapeake Energy Corporation (CHK)
Last chesapeake energy corporation earnings: 2/26 07:00 am
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Source: Reuters
Chesapeake Energy posts bigger-than-expected loss on lower output, price (Reuters) - Chesapeake Energy Corp ( CHK.N Average realized price for its natural gas fell 6.1% in the second quarter, while production cost per barrel of oil equivalent (boe) jumped 28.7%. Natural gas makes for a majority of Chesapeake’s production. But the company has been shifting its focus to oil production as natural gas prices have been pressured due to a lack of takeaway capacity, which has not kept up with the surge in output. Adjusted net loss attributable to Chesapeake widened to $158 million in the quarter ended June 30 from $118 million a year earlier. On a per share basis, it reported a loss of 10 cents, while analysts had anticipated a loss of 6 cents, according to IBES data from Refinitiv. Production fell to 496,000 barrels of oil equivalent per day (boepd) from 530,000 boepd. Revenue rose 4.2% to $2.39 billion. Reporting by Taru Jain in Bangalore; Editing by Maju Samuel Our Standards: The Thomson
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