Chesapeake Energy Reports Financial and Operational Results for the 2011 Third Quarter
Date: 11/3/2011
Chesapeake Energy Reports Financial and Operational Results for the 2011 Third Quarter. Watch how the stock trades in after hours in this live stock market video on Chesapeake Energy (CHK).
Chesapeake Energy Corporation Reports Financial and Operational Results for the 2011 Third Quarter
Company Reports 2011 Third Quarter Net Income to Common Stockholders of $879 Million, or $1.23 per Fully Diluted Common Share, on Revenue of $4.0 Billion; Company Reports Adjusted Net Income Available to Common Stockholders of $496 Million, or $0.72 per Fully Diluted Common Share, Adjusted Ebitda of $1.4 Billion and Operating Cash Flow of $1.4 Billion
2011 Third Quarter Average Daily Total Production of 3.329 Bcfe per Day Increases 9% Year over Year and 9% Sequentially; 2011 Third Quarter Liquids Production Increases 91% Year over Year and 21% Sequentially; 2011 Third Quarter Liquids Production Delivers 17% of Total Production and 40% of Unhedged Natural Gas and Liquids Revenue
Company Adds New Net Proved Reserves of 4.2 Tcfe Through the Drillbit in the First Three Quarters of 2011 at a Cost of $1.08 per Proved Mcfe; Proved Reserves Total 17.7 Tcfe, or Almost 3 Billion Barrels of Oil Equivalent.
hesapeake Energy Corporation (NYSE:CHK - News) today announced its 2011 third quarter financial and operational results. For the quarter, Chesapeake reported net income to common stockholders of $879 million ($1.23 per fully diluted common share), operating cash flow of $1.409 billion (defined as cash flow from operating activities before changes in assets and liabilities) and ebitda of $2.013 billion (defined as net income before income taxes, interest expense, and depreciation, depletion and amortization) on revenue of $3.977 billion and production of 306 billion cubic feet of natural gas equivalent (bcfe).
The company’s 2011 third quarter results include various items that are typically not included in published estimates of the company’s financial results by certain securities analysts. For the 2011 third quarter, Chesapeake reported adjusted net income to common stockholders of $496 million ($0.72 per fully diluted common share) and adjusted ebitda of $1.385 billion. The primary excluded item was a net unrealized after-tax mark-to-market gain of $385 million resulting from the company’s natural gas, liquids and interest rate hedging programs.