Chesapeake Energy Forecasts Flat Capital Spending This Year

   By Micah Maidenberg

Chesapeake Energy Corp. (CHK) reported lower production at the end of the year, but the company was able to boost sales and earnings were helped by special items.

The oil-and-gas company said profit available to common stockholders rose to $486 million, or 49 cents a share, up from $309 million, or 33 cents a share, a year earlier.

The company's adjusted earnings of 21 cents a share surpassed the 18 cents a share that analysts expected, according to FactSet.

Sales rose 22% to $3.07 billion, beating expectations of $2.28 billion.

This year, Chesapeake said it expects flat capital spending compared to last year, of $2.3 billion to $2.5 billion. It projects average oil production of 116,000 barrels a day to 122,000 barrels a day.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

February 27, 2019 07:34 ET (12:34 GMT)

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