- Chesapeake Energy (NYSE:CHK) +2.5% premarket after posting solid beats in Q1 earnings and revenues, which rose to $2.75B from $1.95B in the year-ago quarter.
- CHK's Q1 oil, natural gas and natural gas equivalent revenue rose to $1.47B from $993B, beating the analyst consensus of $1.11B; marketing, gathering and compression revenue of $1.28B was up from $960M a year ago but slightly below consensus of $1.31B.
- Q1 production of 528K boe/day came in above the midpoint of 515K-535K boe/day guidance, and oil production of 83.7K bbl/day also was above its guidance midpoint of 80K-85K bbl/day.
- CHK expects its production to grow "significantly" in H2 as it more wells to sales, and thus raises the bottom range of its FY 2017 production guidance.
- CHK's debt balance at the end of Q1 was ~$9.1B vs. $10B at year-end 2016; total liquidity was ~$3.3B, including cash on hand and $3.1B in borrowing capacity under the company's revolving credit facility.
- Now read: Chesapeake Energy: Is This Decision Anything To Be Worried About?
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