- Chesapeake Energy (NYSE:CHK) +3.3% premarket after posting a solid Q1 earnings beat while revenues finish roughly in-line, helped by more production and higher crude oil prices.
- Q1 revenue from oil, natural gas and natural gas liquids fell to $1.24B from $1.47B in the year-ago quarter, slightly missing analyst consensus of $1.29B, and marketing revenue slipped to $1.25B from $1.28B but beat expectations of $1.2B.
- Q1 production of 554K boe/day rose 11% Y/Y, adjusted for asset sale; oil production of 92K bbl/day gained 16% from the year-ago quarter, adjusted for asset sales.
- CHK's average realized oil price rose 10% during Q1 to $56.89/bbl and its natural gas price jumped nearly 16%.
- CHK says net cash flow including proceeds from asset sales of $609M was the highest during any quarter in more than three years and allowed it to reduce long-term debt by $581M.
- Now read: Chesapeake Energy: Elephant Temper Tantrum
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