Chesapeake Posts Strong Results (USA)

Chesapeake Energy reported financial and operational results for the 2013 second quarter.

Key information related to the quarter is as follows:

• Adjusted net income per fully diluted share of $0.51, compared to $0.06 in the 2012 second quarter
• Adjusted ebitda of $1.424 billion increases 77% year over year
• Daily oil production rises 44% year over year to 116,000 bbls per day
• Full-year 2013 oil production outlook increases by 1 million barrels to 38 – 40 million barrels, a 22 to 28% increase year over year
• Total daily production increases 7% year over year to 4.1 bcfe per day

Doug Lawler, Chesapeake’s Chief Executive Officer, said:

“Chesapeake reported a strong quarter operationally and financially. I am very excited and energized by what I have seen during my first six weeks with the company.

Chesapeake has an exceptionally broad and deep asset base, which offers tremendous opportunity for value creation.

A comprehensive companywide review of our capital allocation and other processes is underway and I believe these initiatives will result in substantial further improvement in both near-term and long-term capital efficiency and returns.”

[mappress]

LNG World News Staff, August 16, 2013