Chesapeake Energy Corporation (NYSE:CHK) stock was down on Wednesday despite releasing an earnings beat for the first quarter of 2018.

Chesapeake Energy Corporation reported earnings per share of 34 cents for the first quarter of the year. This is an increase over its earnings per share of 23 cents from the same time last year. It also comes in above Wall Street’s earnings per share estimate of 27 cents for the period.

Net income reported by Chesapeake Energy Corporation in the first quarter of 2018 came in at $294 million. The natural gas company’s net income from the first quarter of 2017 was $141 million.

Chesapeake Energy Corporation also reported revenue of $2.50 billion for the first quarter of the year. This is a drop from the company’s revenue of $2.75 billion reported in the same period of the year prior. It was also a blow to CHK stock by coming in below analysts’ revenue estimate of $2.53 billion for the quarter.

Chesapeake Energy Corporation notes that daily production in the first quarter of the year was 554,000. This is up from its daily production of 528,000 boe reported in the first quarter of the previous year.

“The strength of our operations and improved cost structure, coupled with higher realized prices, resulted in our best quarterly financial performance in over three years,” Doug Lawler, CEO of Chesapeake Energy Corporation, said in a statement.

CHK stock started off on Wednesday up 3%, but has since fallen and is now down 1% as of Wednesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.