- Chesapeake Energy (NYSE:CHK) -1.2% premarket after narrowly beating Q3 earnings expectations and coming in well ahead of results in the year-ago quarter, but reporting a 15% Y/Y revenue decline that fell short of estimates.
- CHK says total production reached 584K boe/day, including 99K bbl/day of oil, on Oct. 30, and is on track to meet its goal of averaging 100K bbl/day of oil in Q4; it had previously announced Q3 production of 541.6K boe/day and oil production of 86K bbl/day.
- CHK says it is currently utilizing 14 drilling rigs - below the Q3 average of 17 - across its operating areas, and plans to average 14 rigs during Q4; five rigs are in the Eagle Ford shale, three in the Powder River Basin, three in the Haynesville Shale, two in northeast Appalachia and one in the Mid-Continent.
- Q3 capital spending totaled $692M, bringing YTD capex to ~$1.77B; CHK raises the low end of full-year capex guidance to $2.3B-$2.5B from $2.1B-$2.3B previously.
- Now read: Chesapeake's Turnaround Is Working
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Chesapeake Energy slips after mixed Q3 result
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