Chesapeake Energy Swings to Loss in 1Q
08 May 2019 - 10:15PM
Dow Jones News
By Kimberly Chin
Chesapeake Energy Corp. (CHK) swung to a loss in the first
quarter as it recorded lower revenue and higher taxes.
The Oklahoma City-based company reported a loss of 21 million,
or 3 cents a share, compared with a profit of $17 million, or a
loss of 1 cent a share.
Excluding oil and gas-related hedging gains and losses on the
sale of oil and gas properties, Chesapeake posted an adjusted loss
of 2 cents a share.
Analysts surveyed by Refinitiv expected a profit of 15 cents a
share and adjusted profit of 14 cents a share.
Revenue for the quarter was $2.16 billion, down 13% from the
year prior. Analysts expected $2.35 billion.
It reported average production of 484,000 barrels of oil
equivalent a day, which includes an average production of 109,000
barrels of oil a day and an average production of 39,000 barrels of
natural gas liquids a day.
Shares fell 6% in premarket trading.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
May 08, 2019 08:00 ET (12:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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