Chesapeake Energy Q2 income at USD 145 Mln
For the 2014 second quarter, Chesapeake reported net income available to common stockholders of $145 million, or $0.22 per fully diluted share.
Adjusted ebitda was $1.277 billion in the 2014 second quarter, compared to $1.424 billion in the 2013 second quarter. Operating cash flow was $1.269 billion in the 2014 second quarter, compared to $1.366 billion in the 2013 second quarter.
The year-over-year decreases in adjusted ebitda and operating cash flow were primarily the result of higher production and lower per unit costs, which were more than offset by the effect of lower realized oil, natural gas and natural gas liquids (NGL) prices.
Doug Lawler, Chesapeake’s Chief Executive Officer, commented, “Chesapeake delivered solid organic production growth in the quarter while continuing to demonstrate capital discipline and efficiency. As a result, we are increasing our 2014 production outlook while leaving our capital budget unchanged. In the 2014 second half, we plan to connect approximately 35% more wells to sales than we connected in the first half of the year. As our pace of well connections accelerates, we expect our production growth trajectory will increase accordingly and we anticipate our year-end 2014 exit rate will exceed 730,000 boe per day.”
Press Release, August 8, 2014; Image: Chesapeake Energy