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Chesapeake Energy Posts Narrower Q3 Loss, Miss Revenues

Zacks Equity Research

Chesapeake Energy Corporation CHK is an independent oil and gas company. The company has grown rapidly and is now the second largest natural gas along side the twelfth largest producer of oil and natural gas liquids producer in the U.S. The company has also demonstrated considerable drilling prowess, capitalizing on its extensive inventory of acquired undeveloped acreage to make substantial reserve additions. The company also owns substantial marketing and compression businesses.

Currently, Chesapeake Energy has a Zacks Rank #3 (Hold) but that could change following its third quarter 2015 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
 
Earnings: Chesapeake posts lower than expected loss per share. Loss per share from continuing operations (excluding special items) came in at 5 cents, above the Zacks Consensus Estimate of loss of 13 cents.
 
Revenue: Revenues of $880 million came below the Zacks Consensus Estimate of $900 million.
 
Key Stats: Chesapeake’s daily production for the reported quarter averaged approximately 66.7 million barrels of oil equivalent (MMBoe), a year-over-year increase of 3%. Average daily production consisted of approximately approximately 114,100 barrels (bbls) of oil, 2.9 billion cubic feet (bcf) of natural gas and 76,200 bbls of NGL, which represent year-over-year increases of 4%, 2% and 7%, respectively.
 
Oil equivalent realized price in the reported quarter was $15.45 per boe. Average realizations for natural gas were $1.14 per Mcf and oil was sold at $62.68 per barrel.
 
Stock Price: It would be interesting to see how the market reacts to the earnings results during the trading session today.

Check back later for our full write up on this CHK earnings report later!

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CHESAPEAKE ENGY (CHK): Free Stock Analysis Report
 
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