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Chesapeake Energy Misses Estimates, Provides Mixed Guidance

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Chesapeake Energy Corporation (NYSE: CHK) released its Q2 results before the open on Thursday. Earnings per share came in below Wall Street consensus expectations, causing shares to fall 2.65 percent due to the energy company's miss on sales estimates.

Chesapeake Energy reported EPS of $(0.14) and revenues of $1.622 billion. Analyst consensus had an EPS estimate of $(0.11) and revenues of $1.93 billion.

Additionally, Chesapeake increased its 2016 production guidance by 3 percent while maintaining capital expenditure guidance. Management saw oil production for 2017 to be "relatively flat" compared to 2016 while total production volumes were projected to be down about 5 percent compared to 2016 levels.

"Financial discipline remains our top priority, and we continue to work toward additional solutions to improve our liquidity, reduce our midstream commitments and enhance our margins. With continued improvements in our operating expenses and the disposition of non-core properties, we have refined our portfolio to provide a more competitive foundation for Chesapeake," stated Doug Lawler, CEO. "In addition, the application of new technologies, including longer laterals and enhanced completion techniques, to our extensive undeveloped acreage position provides us with a robust portfolio of development opportunities."

At the time of writing, Chesapeake Energy traded at $5.15 in Thursday's pre-market session, down 2.65 percent.

Posted-In: Earnings News Movers

 

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