Chesapeake Swings to Loss on Impairments

4 Nov 2015 | Author: | No comments yet »

Chesapeake Energy (CHK) Announces Quarterly Earnings Results, Beats Expectations By $0.08 EPS.

The company has grown rapidly and is now the second largest natural gas along side the twelfth largest producer of oil and natural gas liquids producer in the U.S. The company had revenue of $2893.00 million for the quarter, compared to analysts expectations of $2785.26 million.The company’s revenue was down -49.3% compared to the same quarter last year. Currently, Chesapeake Energy has a Zacks Rank #3 (Hold) but that could change following its third quarter 2015 earnings report which has just released. Revenue from the Turner segment fell slightly from $2.45 billion to $2.4 billion, while Home Box Office revenue edged upward slightly from $1.3 billion to $1.37 billion.

Key Stats: Chesapeake’s daily production for the reported quarter averaged approximately 66.7 million barrels of oil equivalent (MMBoe), a year-over-year increase of 3%. Chesapeake Energy reported adjusted EBITDA of $560 million, a decline from last year’s $1.2 billion, and net losses of $7.08 per share compared to last year’s net earnings of 26 cents per share.

Average daily production consisted of approximately approximately 114,100 barrels (bbls) of oil, 2.9 billion cubic feet (bcf) of natural gas and 76,200 bbls of NGL, which represent year-over-year increases of 4%, 2% and 7%, respectively. Chesapeake Energy Corporation (NYSE:CHK): The mean short term price target for Chesapeake Energy Corporation (NYSE:CHK) has been established at $9.54 per share.

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