Chesapeake Energy Corp. on May 11 reported a quarterly profit of $295 million in its first earnings after emerging from bankruptcy in February.

Once the second-largest U.S. natural gas producer, Chesapeake filed for court protection in June 2020, saddled with more than $9 billion debt from overspending on assets along with a sudden decline in oil prices and demand from the pandemic.

Chesapeake on May 11 also declared an annual dividend on its common shares of $1.375 per share. The dividend will be paid quarterly, with the first on June 10.

The company said it achieved an average net production rate of about 436,000 barrels of oil equivalent per day during the first quarter.

Chesapeake is currently operating seven rigs across its portfolio, with three rigs in Appalachia, three rigs in Haynesville and one rig in South Texas.