Chesapeake: 2Q Earnings Snapshot
OKLAHOMA CITY (AP) — Chesapeake Energy Corp. (CHK) on Tuesday reported second-quarter net income of $98 million, after reporting a loss in the same period a year earlier.
The Oklahoma City-based company said it had net income of 5 cents per share. Losses, adjusted for non-recurring gains, were 10 cents per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 7 cents per share.
The natural gas company posted revenue of $2.37 billion in the period. Its adjusted revenue was $1.45 billion, beating Street forecasts. Four analysts surveyed by Zacks expected $1.16 billion.
The company’s shares closed at $1.56. A year ago, they were trading at $4.46.