Chesapeake Energy (NYSE:CHK), the second-largest natural gas producer after Exxon (NYSE:XOM), saw its profit increase a whopping 82% to $929 million, or $1.29 a share, from $510 milion, or 68 cents a share, a year ago.
The huge jump came thanks to Chesapeake’s sale of its stake in Access Midstream Partners LP (NYSE:ACMP), which made the company $584 million.
Revenue for the quarter also increased year-over-year, going to $3.39 billion from $3.32 billion, thanks in part to a 25% rise in oil and gas output
The company plans to put more assets up for sale during the rest of this year and in 2013, in an attempt to pare down its massive long-term debt.
Shares of CHK jumped double-digits by noon following the earnings news, but the company is still in the red around 36% over the last 12 months.