Chesapeake Energy Corporation (NYSE:CHK) released its second quarter earnings this morning, posting results that were more than 10 cents ahead of analyst expectations. The company reported adjusted net income per fully diluted share of 51 cents per share on revenue of $4.89 billion. In the same quarter a year ago, adjusted net income per share was just 6 cents.
Analysts had been expecting the company to report earnings per share of 39 cents on revenue of $3.21 billion for the second quarter. Shares of Chesapeake Energy Corporation (NYSE:CHK) rose as much as 4 percent in premarket trading after the results were announced.
Net income available to common shareholders was $457 million or 66 cents per fully diluted share.
Chesapeake Energy increases oil production
The energy company reported a 44 percent increase year over year in oil production, which rose to 116,000 barrels per day. Chesapeake Energy Corporation (NYSE:CHK) also raised guidance for its oil production this year to between 38 and 40 million barrels—an increase of 1 million barrels and a 22 to 28 percent increase year over year.
The company’s total daily production also rose 7 percent year over year to 4.1 billions of cubic feet equivalent per day.
Chesapeake Energy continues to sell assets
During the first half of this year, Chesapeake Energy Corporation (NYSE:CHK) brought in about $2.4 billion from sales of its assets. So far in the current quarter, the company completed the sales of its assets in the Eagle Ford Shale and Haynesville Shale to EXCO Resources Inc (NYSE:XCO). Chesapeake has said it intends to sell $4 billion worth of assets this year, and with the addition of $1 billion to EXCO, the company is nearing its target.
Today , Chesapeake Energy Corporation (NYSE:CHK) said it expects to complete the sale of midstream assets in the Mississippi Lime area to SemGroup Corp (NYSE:SEMG) for about $300 million. The company said it is pursuing a number of “other transactions of varying sizes” which could be completed by the end of this year.