Chesapeake Energy Corp (CHK)

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Chesapeake Energy racks up strong Q3 beat as production rises • 9:17 AM
Carl Surran, SA News Editor

Chesapeake Energy (NYSE:CHK) +3.8% premarket after Q3 earnings easily beat Wall Street estimates, posting a 17% Y/Y increase in revenues driven by 48% revenue growth in its natural gas, oil and natural gas liquid segment as production increased.
Q3 production averaged 725.6K boe/day, up 11% Y/Y, adjusted for asset sales; oil production rose 5% to 118.9K bbl/day, production of natural gas liquids jumped 14% to 95.9K bbl/day, and natural gas production gained 3% to 3.1B cf/day.
Analysts at Tudor Pickering Holt had estimated CHK's Q3 production at 704K boe/day, and characterize the results as a "strong beat."
For the full year, CHK estimates production to rise 9%-12%, with liquids production up 29%-33%, oil production up 11%-15%, NGL production up 63%-68%, and natural gas production up 4%-6%. The daily equivalent total is expected to be 695 million to 705 million barrels a day.