This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chesapeake Energy Corporation Reports Financial And Operational Results For The 2013 Second Quarter

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.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,949.59 -85.34 -0.47%
S&P 500 2,097.29 -3.11 -0.15%
NASDAQ 5,014.1020 +19.50 0.39%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs