Chesapeeake Energy Leaders Call Quarterly Earnings ‘Outstanding’

Chesapeake Energy reports third-quarter net income of $169 million with adjusted earnings of $82 million for shareholders. The Oklahoma City-based energy firm said the adjusted net income for the quarter totaled $251 million or $0.38 per fully diluted share as compared to 2013 third quarter adjusted net income of $282 million and $0.43 per fully diluted share.

“The improvements in our capital efficiency, our focus on cost leadership and the strength and quality of our assets and talented employees are very clear in our third quarter results,” said Doug Lawler, President and Chief Executive Officer. “Our results this quarter were outstanding as adjusted production increased eleven percent compared to the 2013 third quarter.”

He said the company had seen a reduction in operating expenses compared to both the second quarter of 2014 and the third quarter of last year.

“We continue to see dramatic improvement in capital efficiency throughout our operating areas,” added Lawler. “The company again exceeded its production growth target while operating below our capital budget.”

Lawler said the company increased production by 5 percent in the third quarter of this year and reached the firm’s goal of about 730,000 barrels of oil equivalent a day in September.





   


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