[ad_1]
Chesapeake Energy Corp. (NYSE: CHK ) has reported a rise in earnings for the fourth quarter of 2022 as the energy company’s revenue doubled.
Adjusted profit increased 77% year over year to $4.22 per share in the fourth quarter. Net income, on an unadjusted basis, more than doubled to $3.51 billion or $24.0 per share. Earnings benefited from a 34% increase in revenue to $4.13 billion.
The company produced approximately 4.05 bcfe/d net (90% natural gas) during the quarter. Going forward, management expects capital spending to be between $1.765 billion and $1.835 billion in fiscal 2023.
Read management/analyst commentary on quarterly earnings reports
“On the back of our disciplined capital allocation, proactive hedging program, and strong balance sheet, we expect to generate significant free cash flow from operations. When combined with the results of our recent Eagle Ford divestment, we expect that our plan will allow us to once again deliver our return framework major shareholder next year. said Chesapeake CEO Nick Dell’Osso.
[ad_2]
Source link