Chesapeake Energy Corp (CHK)

[researcher59]

CHK reports Q4 adj EPS of $0.07, beating estimates by $0.01 -

per briefing.com -

Chesapeake Energy beats by $0.01, beats on revs (5.92 )

Reports Q4 (Dec) earnings of $0.07 per share, $0.01 better than the Capital IQ Consensus of $0.06; revenues fell 23.7% year/year to $2.02 bln vs the $1.02 bln Capital IQ Consensus.

Q4 revenues declined by 24% year over year due to a decrease in the average realized commodity prices for its oil production, lower production volumes and increased unrealized hedging losses. Average daily production for the 2016 fourth quarter of approximately 574,500 barrels of oil equivalent (boe) consisted of approximately 90,400 bbls of oil, 2.562 bcf of natural gas and 57,100 bbls of NGL.

Total oil and natural gas proved reserves of approximately 1.7 billion barrels of oil equivalent (bboe), a 14% increase compared to 2015 levels

Chesapeake is currently utilizing 17 drilling rigs across its operating areas, six of which are located in the Eagle Ford Shale, four in the Mid-Continent area, three in the Haynesville Shale, two in the Powder River Basin and two in Northeast Appalachia. Chesapeake plans to utilize an average of 17 rigs throughout the year and intends to spud and place in production approximately 400 and 450 gross operated wells, respectively, in 2017.