Chesapeake Energy Corporation (NYSE:CHK) today reported financial and operational results for the 2013 second quarter. Key information related to the quarter is as follows:
- Adjusted net income per fully diluted share of $0.51, compared to $0.06 in the 2012 second quarter
- Adjusted ebitda of $1.424 billion increases 77% year over year
- Daily oil production rises 44% year over year to 116,000 bbls per day
- Full-year 2013 oil production outlook increases by 1 million barrels to 38 – 40 million barrels, a 22 to 28% increase year over year
- Total daily production increases 7% year over year to 4.1 bcfe per day
- Conference call at 9:00 am EDT today; dial-in 913-312-0968, passcode 3533928
Chesapeake reported net income available to common stockholders of $457 million, or $0.66 per fully diluted share. These results include the effects of the following after-tax items:
- noncash unrealized mark-to-market gains of $325 million from the company’s derivative instruments;
- a noncash charge of $143 million for the impairment of certain of the company’s property and equipment, consisting primarily of noncore real estate;
- a net gain of $68 million on sales of certain of the company’s property and equipment, consisting primarily of midstream assets;
- a charge of $44 million on the repurchase of $1.894 billion aggregate principal amount of the company’s senior notes; and
- a $69 million premium paid over the carrying value on the purchase of preferred shares of a company subsidiary.
Adjusting for these and other items not typically included in earnings estimates by securities analysts, Chesapeake reported adjusted net income available to common stockholders of $334 million, or $0.51 per fully diluted share, which compares to adjusted net income available to common stockholders of $3 million, or $0.06 per fully diluted share, in the 2012 second quarter.