Chesapeake Energy Corporation (NYSE:CHK) today reported financial and operational results for the 2013 third quarter. Key information related to the quarter and Chesapeake's updated Outlook is as follows:
- Adjusted net income per fully diluted share of $0.43, compared to $0.10 in the 2012 third quarter
- Adjusted ebitda of $1.325 billion increases 29% year over year
- Net daily oil production rises 23% year over year to 120,000 bbls per day
- Full-year 2013 oil production outlook increases by 2 million barrels to 40 – 42 million barrels, a 28 – 34% increase year over year
- Full-year 2013 drilling, completion and leasehold capital expenditure outlook decreases by $300 million to $5.700 – $6.050 billion
- Conference call at 9:00 am EST today; dial-in 913-312-0713, passcode 5588965
Chesapeake reported net income available to common stockholders of $156 million or $0.24 per fully diluted share. These results include the effects of the following after-tax items:
- noncash unrealized mark-to-market losses of $118 million from the company’s derivative instruments;
- a charge of $55 million for the impairment of certain of the company’s property and equipment and other assets;
- a net gain of $82 million on sales of certain of the company’s property and equipment, consisting primarily of midstream assets; and
- a $39 million charge for restructuring and other termination benefits.
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 $282 million, or $0.43 per fully diluted share, which compares to adjusted net income available to common stockholders of $35 million, or $0.10 per fully diluted share, in the 2012 third quarter.