Chesapeake Energy earnings for the fourth quarter of 2018 have CHK stock heading higher on Wednesday.Chesapeake Energy (NYSE:CHK) reported earnings per share of 21 cents for the fourth quarter of the year. This is a drop from the company’s earnings per share of 30 cents from the same time last year. However, it was a boon to CHK stock by beating out Wall Street’s earnings per share estimate of 19 cents for the quarter.

Net income reported by Chesapeake Energy for the fourth quarter of 2018 comes in at $514 million. This is an increase over the oil and natural gas company’s net income of $334 million reported in the fourth quarter of 2017.

The Chesapeake Energy earnings report for the fourth quarter of the year also includes operating income of $294 million. The company’s operating income from the same period of the year prior was $405 million.

Chesapeake Energy earnings for the fourth quarter of 2018 has it bringing in revenue of $3.07 billion. This is better than the company’s revenue of $2.52 billion reported in the fourth quarter of the previous year. It also is good news for CHK stock by coming in well above analysts’ revenue estimate of $2.30 billion for the period.

The most recent Chesapeake Energy earnings report also includes its outlook for the full year of 2019. The company is expecting average daily oil production to range from 116,000 to 122,000 barrels. This is a 32% increase from 2018. It is also expecting EBITDA generated for each barrel of oil equivalent to increase by 12% to 15%.

CHK stock was up 7% as of Wednesday morning.

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