Excluding one-time items that reduced Chesapeake's net income by $3.8 billion, the company earned a profit of 11 cents a share. Analysts polled by Thomson Reuters had expected earnings of 4 cents a share.
The company had a first-quarter net loss of $3.78 billion, or $5.72 per share, compared to a profit of $374 million, or 54 cents per share, in the same period one year earlier.
Chesapeake increased its expectations for oil and gas output to a range of 640,000 to 650,000 barrels oil equivalent per day (boepd) from a range of 635,000 to 645,000 boepd.
Oil prices also continued their rally on Wednesday. WTI crude was up 2.62% to $61.98 at 10:32 a.m., while Brent crude was up 2.41% to $69.15, according to CNBC.
Separately, TheStreet Ratings team rates CHESAPEAKE ENERGY CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHESAPEAKE ENERGY CORP (CHK) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and weak operating cash flow."