Chesapeake Energy earnings for the first quarter of 2019 have CHK stock heading higher on Wednesday.
Chesapeake Energy (NYSE:CHK) reported earnings per share of 14 cents for the first quarter of the year. This is down from its earnings per share of 34 cents from the first quarter of 2018. However, it was good news for CHK stock by matching Wall Street’s earnings per share estimate for the period.
Net loss reported in the Chesapeake Energy earnings release for the first quarter of 2019 comes in at $21 million. This is worse than the company’s net income of $18 million reported during the same time last year.
The Chesapeake Energy earnings report for the first quarter of the year also includes an operating loss of $182 million. That’s a drop from the company’s operating income of $42 million reported in the first quarter of the previous year.
Chesapeake Energy earnings for the first quarter of 2019 have revenue coming in at $2.20 billion. This is a decrease from the company’s revenue of $2.52 billion from the same period of the year prior. It also comes in below analysts’ revenue estimate of $2.35 billion for the quarter, but that wasn’t keeping CHK stock down today.
It’s also worth noting that Chesapeake Energy saw average daily production for the first quarter of the year come in at 484,000 barrels of oil equivalent. Average daily production for the first quarter of 2018 was 554,000 barrels of oil equivalent.
CHK stock was up 1% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.