- Chesapeake Energy (NYSE:CHK) +7.2% premarket following solid beats for Q4 earnings and revenues, due to higher oil and natural gas production and prices.
- Q4 production averaged 593.2K boe/day, up 15% Y/Y and up 10% Q/Q, and oil production climbed 11% Y/Y; for the full year, total output averaged 547.8k boe/day, up 3% compared to 2016.
- CHK forecasts total 2018 production to grow ~3% Y/Y, with oil volumes expected to rise 5%.
- CHK says it lowered 2017 expenses for production, G&A and gathering, processing and transportation by $510M, or 18% Y.Y.
- The company's average realized price for oil during Q4 was $56.47/bbl vs. $47.37 in the year-ago quarter; for FY 2017, averaged realized price for oil was $53.19/bbl vs. $43.58 for the prior year.
- CHK's debt balance as of year-end 2017 was virtually unchanged at $9.98B vs. $9.99B at the end of 2016.
- CHK plans 2018 capital spending of $1.975B-$2.375B, 12% lower than in 2017 at the midpoint.
- Now read: Chesapeake Energy Bids Adieu To Miss Lime
Original article