Chesapeake Energy (NYSE:CHK) earnings for the oil and natural gas company’s third quarter of 2019 have CHK stock taking a dive on Tuesday. This is due to its adjusted losses per share of -11 cents. That’s just below Wall Street’s estimate of -10 cents for the quarter. CHK’s revenue of $2.09 billion also misses analysts’ estimates of $2.12 billion.
Here’s what else is worth mentioning from the Chesapeake Energy earnings report for Q3 2019.
- Adjusted per-share losses are a switch from positive EPS in the third quarter of 2018.
- Revenue is down 13.64% from $2.42 billion in the same period of the year prior.
- Operating income of $46 million comes in 43.90% lower than $81 million in Q3 2018.
- The Chesapeake Energy earnings report also has net loss coming in at -$61 million.
- That’s a 58.22% narrower net loss than the -$146 million reported during the same time last year.
- Daily production for the third quarter of 2019 was 478,000 barrels of oil equivalent (boe) compared to 537,000 boe in the third quarter of the previous year.
Doug Lawler, President and CEO of Chesapeake Energy, has this to say about the most recent CHK stock earnings report.
“We expect our oil production to grow approximately 10% in the fourth quarter, compared to the third quarter, and we remain on track to meet our 2019 total production and capital expenditure guidance. Our capital efficiency improvements, expected reduction in cash costs and anticipated capital plan position us to target free cash flow in 2020.”
CHK stock was down 16.99% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.