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Shares of Chesapeake Energy Corp.
CHK -0.38%
Non-market sales rose 8.8% on Wednesday, after the oil and gas company reported fourth quarter earnings and fourth quarter revenue higher than expected, offering optimistic prospects. Net income was $ 486 million, or 49 cents per share, compared with $ 309 million, or 33 cents per share, in the same period last year. Excluding non-recurring items, Adjusted EPS decreased from 30 cents to 21 cents, but exceeded the 18 cents consensus set by the FactSet. Total revenues increased 22% to $ 3.07 billion, while revenues equivalent to oil, natural gas and natural gas jumped 38% to $ 1.73 billion. The FactSet consensus for total sales was $ 2.28 billion. Oil and gas sales accounted for $ 1.10 billion. Average daily production fell 7% to 464,000 barrels of oil equivalent (BOE), while production expenses rose 15% to 2.87%. USD. The company predicts that average daily oil production for 2019 will increase by about 32%, capital expenditures should be stable and cash flows should be "significantly larger". The stock has lost 12% in the last three months up to Tuesday, while the SPDR Energy Select Sector of SPDR
XLE, -0.32%
gained 1.5% and the S & P 500
SPX, -0.08%
grew by 4.2%.
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