Chesapeake Energy Corporation (CHK) Reports Q1 Profits, Shares Jump

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Chesapeake Energy Corporation (CHK) Reports Q1 Profits, Shares Jump

Chesapeake Energy Corporation (NYSE:CHK) reported its quarterly earnings before opening bell, posting profits of $15 million or 2 cents per share, compared with last year’s net losses of $71 million or 11 cents per share. Shares of Chesapeake Energy Corporation (NYSE:CHK) rose as much as 3.89 percent in pre-market trading after the positive earnings report.

Chesapeake Energy Corporation (CHK) Reports Q1 Profits, Shares Jump

Adjusted net income per fully diluted share was 30 cents, an increase of 67 percent year over year. Adjusted earnings before income, taxes, depreciation and amortization were $1.134 billion, a 35 percent increase year over year. Analysts were expecting the company to report earnings of 25 cents per share on revenue of $3.2 billion.

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The company’s average daily production jumped 9 percent to the equivalent of 4 billion cubic feet of natural gas per day. Oil production rose 56 percent year over year.

Chesapeake Energy Corporation (NYSE:CHK) raised its oil production guidance by 1 million barrels, citing improving performance at its Eagle Ford Shale location. The company also increased the mid-point of its 2013 natural gas production guidance by 25 bcf, attributing the increase to strong results in its Marcellus Shale property.

It also said asset sales are on track for the year with $2 billion signed or closed to date this year and several other transactions in “advanced stages of negotiation.”

On Tuesday it was announced that Chesapeake Energy Corporation (NYSE:CHK) sold 162,000 net acres of natural gas properties in Marcellus Shale for $93 million. The company said this morning that it expects to close its Mississippi Lime joint venture with Sinopec by the end of the second quarter and to sign agreements to sell its northern Eagle Ford shale assets. It said the sales will allow it to fund capital expenditures and reduce debt.

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