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Chesapeake Energy (CHK) Q1 Loss Narrower than Expected

Chesapeake Energy Corporation CHK is an independent oil and gas company engaged in the acquisition, development, and production of onshore U.S. natural gas resources. The company has grown rapidly and is now the second largest natural gas producer in the U.S. The company has also demonstrated considerable drilling prowess, capitalizing on its extensive inventory of acquired undeveloped acreage to make substantial reserve additions.

Currently, Chesapeake Energy has a Zacks Rank #3 (Hold) but that could change following its first quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
 
Earnings: Chesapeake reported adjusted first-quarter 2016 loss of 10 cents per share narrower than the Zacks Consensus Estimate of loss of 11 cents.
 
Revenue: Revenues of $1,953.0 million came above the Zacks Consensus Estimate of $921.0 million.

Key Stats: Chesapeake’s daily production for the reported quarter averaged approximately 672,400 barrels of oil equivalent (Boe). Average daily production consisted of approximately 95,700 barrels (Bbls) of oil, 3.036 billion cubic feet (Bcf) of natural gas and 70,700 Bbls of natural gas liquids (NGL).

Oil equivalent realized price in the reported quarter was $16.93 per Boe. Average realizations for natural gas were $2.29 per Mcf, while oil was sold at $37.74 per barrel.
On the cost front, quarterly production expenses were $3.36 per Boe.

Check back later for our full write up on this Chesapeake Energy earnings report later!
 
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CHESAPEAKE ENGY (CHK): Free Stock Analysis Report
 
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