Chesapeake Energy Corp (CHK)

[researcher59]

A solid earnings beat -

per briefing.com -

Chesapeake Energy beats by $0.03, beats on revs (4.62 ) :

Reports Q2 (Jun) earnings of $0.18 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.15; revenues rose 40.6% year/year to $2.28 bln vs the $1.07 bln Capital IQ Consensus
Chesapeake's average daily production for the 2017 second quarter was ~527,600 boe and is further detailed in the table below
Chesapeake's projected production volumes and capital expenditure program are subject to capital allocation decisions throughout the year and may be adjusted based on prevailing market conditions
Total production averaged ~548,300 boe per day, including a peak rate of 90,400 barrels of oil, in July; goal of reaching 100,000 barrels of oil per day by year-end on track
Actively managing capital expenditures program for remainder of 2017, dropping to 14 rigs by year-end 2017 from 18 rigs today
As of June 30, 2017, Chesapeake's principal debt balance was ~$9.7 billion with $13 million in cash on hand, compared to $10.0 billion with $882 million in cash on hand as of December 31, 2016. The company's total liquidity as of June 30, 2017 was ~$3.1 billion, which included cash on hand and a borrowing capacity of ~$3.1 billion under the company's senior secured revolving credit facility.
Outlook:

Co sees 20017 adjusted production growth of 0-4%
Sees absolute liquids production at 52.5-55.0 mmbbls
Sees natural gas production at 197.5-205.0mmbbls