Chesapeake Energy (CHK) Reports In-Line Q2 EPS, Revenues Miss
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Chesapeake Energy (NYSE: CHK) reported Q2 EPS of $0.15, in-line with the analyst estimate of $0.15. Revenue for the quarter came in at $2.26 billion versus the consensus estimate of $2.29 billion.
Doug Lawler, Chesapeake's President and Chief Executive Officer, commented, "Chesapeake continues to make significant progress in achieving our strategic priorities of reducing leverage, increasing margins and reaching cash flow neutrality. Last week's announcement to sell our Utica position will allow us to retire nearly $2 billion of outstanding debt, while the recent significant ramp in our Powder River Basin volumes position us to replace the divested Utica EBITDA within a year. For the third consecutive quarter, we have recorded impressive cash flow driven by better-than-expected oil production. We expect to see continued meaningful improvements in growing our cash flow as our total oil production, adjusted for asset sales, moves higher throughout the rest of 2018 and into 2019. Lower total debt, improving margins and greater capital efficiency are positioning Chesapeake for significant equity value creation moving forward."
For earnings history and earnings-related data on Chesapeake Energy (CHK) click here.
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