Chesapeake Energy posted a fourth-quarter loss of $116 million. In the prior-year period, Chesapeake Energy reported earnings of $300 million. Adjusted EPS came in at 27 cents, but that fell far short of the 41 cents that analysts had forecast, the Wall Street Journal noted.
During the quarter, Chesapeake Energy generated revenue of $4.54 billion, up 28% year-over-year, but narrowly missing the $4.86 billion that Wall Street had expected.
The quarterly loss reported by Chesapeake Energy was due to one-time charges relating to asset sales and other extraordinary items. During the quarter, Chesapeake Energy said its average daily production climbed 15%. A Chesapeake Energy executive said that the company had “good visibility” to receive $1 billion from asset sales this year.
Under CEO Doug Lawler – who succeeded ousted CEO Aubrey McClendon last year – Chesapeake Energy has been restructuring operations and changing its management team.
CHK stock closed at $27.29 a share on Tuesday. CHK stock has gained more than 35% over the past year.