USA: Chesapeake Produces 347 Bcfe in 2Q

Chesapeake Energy Corporation announced financial and operational results for the 2012 second quarter.

For the 2012 second quarter, Chesapeake reported net income to common stockholders of $929 million, ebitda of $2.385 billion and operating cash flow of $895 million on revenue of $3.389 billion and production of 347 billion cubic feet of natural gas equivalent (bcfe).

The company’s 2012 second quarter results include various items that are typically not included in published estimates of the company’s financial results by certain securities analysts.

Excluding such items for the 2012 second quarter, Chesapeake reported adjusted net income to common stockholders of $3 million and adjusted ebitda of $803 million.

The primary excluded items from the 2012 second quarter reported results are a net after-tax gain on investments of $584 million, primarily related to the sale of all of the company’s interests in Access Midstream Partners, unrealized noncash after-tax mark-to-market gains of $490 million resulting from the company’s oil, natural gas liquids (NGL) and natural gas and interest rate hedging programs and a noncash after-tax charge of $148 million related to the impairment of certain of the company’s property and equipment.

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LNG World News Staff, August 07, 2012; Image: Chesapeake