Chesapeake Energy Forecasts Flat Capital Spending This Year
February 27 2019 - 7:49AM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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