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Chesapeake shares soar after the driller exceeds profit expectations

The Chesapeake Energy shares appeared on Thursday after the shale gas pioneer reported earnings and quarterly earnings that exceeded Wall Street expectations.

8", Rezvan said in a research note on Thursday. "While we went down to Underperfor m in early January In January, the seriousness of the massive sale of CHK shares took us by surprise. "

The company obtained an adjustment of $ 314 million, or 30 cents per share in earnings, analysts expected earnings per share of 24 cents.

Chesapeake also exceeded expectations on the top line, raising about $ 2.5 thousand million in revenue, compared to the street forecast of almost $ 2.3 billion.

Revenues were driven by higher commodity prices, as US crude oil prices rose 17 percent in the fourth quarter. quarter Chesapeake also increased its oil, natural gas and liquid production by 3 percent over the three months.

The average sale price of the three hydrocarbons categories increased by 20 percent to $ 24.41 per barrel of oil equivalent.

Chesapeake expects total production to increase by 3 percent in 2018, and oil production will grow by 5 percent in the year. Mistake more while spending about 12 percent less on capital expenditures.

The driller also continued to cut expenses in the fourth quarter, with a cost that fell 18 percent last year.

Chesapeake also reduced its debt by 32 percent, or $ 1.3 billion, in 2017, taking its long-term burden to $ 9.9 billion. The company completed $ 1.3 billion in asset sales for the year and announced $ 575 million more in divestments.

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