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Chesapeake Energy Corporation Reports Financial And Operational Results For The 2013 Full Year And Fourth Quarter

Stocks in this article: CHK

For the 2013 full year the company reported adjusted ebitda of $5.016 billion, an increase of 34% year over year. Operating cash flow, which is cash flow provided by operating activities before changes in assets and liabilities, was $4.956 billion in 2013, an increase of 26% year over year. Full-year 2013 operating cash flow was negatively impacted by approximately $120 million due to the extinguishment of certain financing obligations in the Fort Worth, Texas area, $73 million of employee restructuring and other termination costs as well as $63 million of charges primarily related to the termination of rig lease and other commitments. The charges were the result of the company's strategic decision to reduce leverage and balance sheet complexity and are excluded from adjusted net income.

2013 Full-Year Average Daily Production Increases 3% Year over Year to 670 Mboe per Day; Oil Production Increases 32% Year over Year to More Than 112 Mbbls per Day

Chesapeake’s daily production for the 2013 full year averaged approximately 669,600 barrels of oil equivalent (boe), an increase of 3% compared to the 2012 full year. The company’s 2013 average daily production consisted of approximately 112,600 barrels (bbls) of oil, 57,200 bbls of NGL and 3.0 billion cubic feet (bcf) of natural gas.

In 2013 average daily oil production increased 32% year over year, average daily NGL production increased 19% year over year and natural gas production decreased 3% year over year. Liquids accounted for 25% of total production, up from 20% during the 2012 full year. Adjusted for asset sales, the company's total 2013 production increased approximately 11% year over year.

2013 Fourth Quarter Results

For the 2013 fourth quarter Chesapeake reported a net loss available to common stockholders of $159 million, or $0.24 per fully diluted share. Items typically excluded by securities analysts in their earnings estimates decreased 2013 fourth quarter net income by approximately $320 million on an after-tax basis. Adjusting for these items, 2013 fourth quarter net income available to common stockholders was $161 million, or $0.27 per fully diluted share, which compares to adjusted net income available to common stockholders of $146 million, or $0.26 per fully diluted share, in the 2012 fourth quarter.

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