Chesapeake Energy (CHK) Tops Q1 EPS by 4c, Revs Beat

Chesapeake Energy (NYSE: CHK) reported Q1 EPS of $0.23, $0.04 better than the analyst estimate of $0.19. Revenue for the quarter came in at $2.75 billion versus the consensus estimate of $2.32 billion.

• Average 2017 first quarter production of 528,000 boe per day, above midpoint of guidance of 515,000 to 535,000 boe per day
• Oil production expected to reach 100,000 barrels per day by year-end 2017; average 2017 first quarter oil production of 83,700 barrels per day, above midpoint of guidance of 80,000 to 85,000 barrels per day
• Combined production and G&A expenses per boe down 2% quarter over quarter
• Gathering, processing and transportation expenses per boe down 6% quarter over quarter

Doug Lawler, Chesapeake\'s Chief Executive Officer, commented, "Our operational momentum continues to build in our Eagle Ford, Powder River Basin and Mid-Continent oil assets, as we remain on track to reach our production target of 100,000 barrels of oil per day by year-end. We expect our production to grow significantly in the second half of 2017 as we place more wells to sales, and as a result, we have raised the bottom range of our 2017 production guidance. We remain focused on improving our balance sheet and decreasing our cash costs, while improving the capital efficiency from our operations. We look forward to reporting our results as the year progresses."

For earnings history and earnings-related data on Chesapeake Energy (CHK) click here.

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