Chesapeake Energy Corporation CHK reported its second-quarter financial results Monday. Here's a look at the details from the report.
The Details: Chesapeake Energy reported quarterly earnings of 1 cent per share, a 98.44% decrease from earnings of 64 cents per share from the same period last year.
The company reported quarterly sales of $505 million, missing the analyst consensus estimate of $787.14 million by 35.84% and representing a 73.29% decrease from the same period last year.
Chesapeake’s net production in the second quarter was approximately 2.75 bcfe per day (100% natural gas), utilizing an average of eight rigs to drill 30 wells and place four wells on production while building an inventory of five drilled but uncompleted (DUCs) wells and 24 deferred turn in lines (TILs). Chesapeake is currently operating seven rigs and two completion crews, having dropped an additional rig in the Marcellus earlier in July.
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“We continue to execute our business as we prudently manage current market conditions and prepare for our pending combination with Southwestern. We remain focused on operational improvements and enhancing capital efficiency. The efforts of our team have positioned us to lower our 2024 capital and production expense guidance by $50 million and approximately 8%, respectively,” said Nick Dell’Osso, Chesapeake’s CEO.
Outlook: Chesapeake Energy lowered its 2024 capital and production expense guidance approximately 4% and approximately 8%, respectively, primarily due to improved operational efficiency and year-over-year deflation.
CHK Price Action: According to Benzinga Pro, Chesapeake Energy shares are flat after-hours at $76.57 at the time of publication Monday.
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