Chesapeake Energy Stock Lower on Disappointing Q2 Revenue
Chesapeake Energy (NYSE:CHK) stock was down on Wednesday after reporting poor revenue for the second quarter of the year.
Source: Chesapeake Energy
Chesapeake Energy’s revenue for the second quarter of 2018 came in at $2.26 billion. This is down from the oil company’s revenue of $2.28 billion that was reported in the same period of the year prior. It was also bad news for CHK stock by missing Wall Street’s revenue estimate of $2.28 billion for the quarter.
It wasn’t all bad news for Chesapeake Energy. The company’s earnings report for the second quarter of the year also includes earnings per share of 15 cents. This is a drop from its earnings per share of 18 cents from the second quarter of 2017. Despite this, it was still able to match analysts’ earnings per share estimate for the period.
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Chesapeake Energy also reported a net loss of $17 million for the second quarter of 2018. This is a decrease from the company’s net income of $494 million that was reported during the same time last year.
Chesapeake Energy’s earnings report for the second quarter of the year also includes operating income of $30 million. The company’s operating income from the second quarter of the previous year was $399 million.
Chesapeake Energy also notes that during the second quarter of 2018 its barrel of oil equivalent daily average was 530,000. This is up from its barrel of oil equivalent daily average of 528,000 from the second quarter of 2017.
CHK stock was down 7% as of noon Wednesday, but is up 10% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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