DISH Network 2Q 17 earnings and Chesapeake Energy Q2 17 earnings were released before opening bell this morning. DISH Network reported net earnings of 9 cents per share on $3.64 billion in revenue. Analysts had been expecting earnings of 74 cents per share on $3.72 billion in revenue. In last year’s second quarter, the company reported 91 cents per share in earnings on $3.86 billion in revenue.
Chesapeake Energy reported adjusted earnings of 18 cents per share on $2.3 billion in revenue, compared to the consensus estimates of 14 cents per share and $1.06 billion. In last year’s second quarter, the oil giant reported $1.6 billion in sales and adjusted losses of 16 cents per share.
DISH Network 2Q 17 earnings
DISH Network 2Q 17 earnings were impacted by $280 million in litigation expenses. The company added 444,000 gross new pay-TV subscribers during the second quarter, a decline from the 527,000 it added a year ago. The company ended the quarter with 13.33 million pay-TV subscribers, down from 13.59 million last year. Subscriber-related revenue fell to $3.6 billion from $3.8 billion in the year-ago quarter as average revenue per pay-TV user fell to $87.25 from $89.98 a year ago. The subscriber churn rate fell to 1.59% from 1.96% last year.
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After DISH Network 2Q 17 earnings were released, the company’s stock ticked higher by 0.39% to $64.25 in premarket trades.
Chesapeake Energy Q2 17 earnings
On a reported basis, Chesapeake Energy Q2 17 earnings per share were 47 cents per share, compared to the year-ago quarter’s $2.51 per share in losses. EBITDA amounted to $812 million, while adjusted EBITDA rose to $461 million from $252 million last year. The company said higher average realized commodity prices for production and unrealized hedging gains drove the 41% year over year increase in its revenues.
Chesapeake said average second-quarter production was 527,600 barrels of oil equivalent, which was flat sequentially. Average oil production grew 6% quarter over quarter to 88,400 barrels per day. The company also averaged 2.294 billion cubic feet of natural gas and 56,800 barrels of natural gas liquids per day.
Total production averaged about 548,300 barrels of oil equivalent per day, with the peak rate at 90,400 barrels of oil in July. The company aims to reach 100,000 barrels of oil per day by the end of the year, and it says it is on track to meet this goal. It also plans to drop from 18 to 14 rigs as it continues to manage its capital expenditures for the rest of this year. It has about $360 million in asset sales either closed or on signed purchase agreements year to date.
After Chesapeake Energy Q2 17 earnings were released, the company’s stock surged in premarket trades, climbing 3.9% to $4.80.